Online marketplace investors Pierre Siri and Henrik Persson also participated in the acquisition, taking a minority stake in the company and joining existing investors Fastighetsmäklarförbundet and Mäklarsamfundet the real estate broker associations in Sweden.
Hemnet was founded in 1998 as an initiative from the Swedish real estate broker associations and is one of the leaders in Sweden's online marketplace for home buyers and sellers.
Chris Caulkin, Principal at General Atlantic, said the company viewed Hemnet as a strong candidate for investment.
“General Atlantic has a track record of investing in online classifieds platforms around the world and Hemnet is one of the highest quality companies we have seen in the category. The service is embedded in the Swedish real estate market, allowing home owners and real estate brokers to efficiently advertise their properties to a broad audience,” Caulkin said in a company statement.
“We are excited to work with the management team and our partners Pierre and Henrik to further develop Hemnet as a leading real estate portal.”
The financial terms of the deal were not disclosed. In conjunction with the deal, Siri, Persson and Chris Caulkin of General Atlantic joined Hemnet’s board of directors.