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The Bernese insurance company, Mobiliar, has sold the majority stake in a startup to the joint venture SMG Swiss Marketplace Group. Mobiliar itself is also involved in the deal.
Mobiliar has gained a reputation as an active buyer of Swiss startups. However, when it comes to the startup Flatfox, the signs are now pointing towards divestment. According to the cooperatively organized insurer, SMG Swiss Marketplace Group AG (SMG) will acquire the majority stake in Flatfox.
As a result, the company will become part of SMG’s real estate ecosystem, and the group will assume sole control of Flatfox.
The sale price remains undisclosed, and the announcement does not provide details on what will happen to the approximately 40 employees of Flatfox in Zurich, Bern, and Fribourg. The startup was only acquired by Mobiliar in 2021.
SMG, the future owner, is a joint venture that was established at the end of 2021 by media companies TX Group and Ringier, Mobiliar, and financial investor General Atlantic. The company includes online platforms and marketplaces such as Acheter-louer.ch, Anibis.ch, Autoscout24, Car For You, Financescout24, Home.ch, Homegate, Icasa.ch, Immoscout24, Immostreet.ch, Motoscout24, Ricardo, and Tutti.ch. The major bank UBS recently entered into a partnership with SMG in the housing sector.
According to the announcement, the acquisition is expected to benefit the digitalization of the Swiss real estate industry. For users of the classified ad portals Immoscout24 and Homegate, the rental process will become even easier and more efficient.