Exit for Switcho Which Had Raised 1.9 Million with Equity Crowdfunding on Mamacrowd

Switcho, which in 2021 had raised over €1.9 million on Mamacrowd, was acquired by Mavriq, a leading group in online comparison and intermediation.

Who is Switcho?

Switcho is an Italian comparison platform, founded in 2019, that helps consumers save on electricity, gas, telephone and insurance bills.

The business model is completely digital: the platform analyzes customer bills and takes care of the bureaucracy for switching suppliers, ensuring a stress-free process for the end user.

Thanks to important collaborations with 9 of the main Italian banks and over 200 fintech companies and real estate agencies, Switcho has grown steadily over the years, making it attractive for a possible acquisition.

In 2021, Switcho had raised over 1.9 million on Mamacrowd, also thanks to the participation of Azimut Libera Impresa with the ALIcrowd I compartment and 31 other investors. The minimum target had been 1.2 million against a pre-money valuation of 4.6 million.

In 2023, Switcho reported revenues of 6 million, with an EBITDA of 1.8 million.

Mavriq’s Acquisition of Switcho

Mavriq , a new brand of Moltiply Group (formerly Gruppo MutuiOnline), has acquired 80% of Switcho, with an agreed enterprise value for 100% of Switcho shares equal to 20 million.

There is also an earn-out of up to $4 million based on Switcho’s 2024 results.

An operation in line with Mavriq’s strategy to strengthen its presence in the Italian market for the distribution of energy and telecommunications contracts.

With 19 online comparison brands in 5 countries including Segugio, MutuiOnline and Trovaprezzi in Italy, Mavriq, in 2023, generated 188.1 million euros in revenues (+44% year-on-year) and 60.7 million in EBITDA (+30% year-on-year).

Marco Pescarmona, President of Mavriq and Moltiply Group, said that the acquisition will allow to reach new goals thanks to the complementarity of Switcho’s activities with those of the group.

Marco Tricarico, Redi Vyshka and Francesco Laffi, founders of Switcho, will remain in the company maintaining 20% ​​of the shares, with plans to continue to lead the company in its next phase of growth. They expressed enthusiasm and satisfaction for this operation, underlining how Mavriq brings added value and further growth opportunities to Switcho.

Gabriele Blei, CEO of Azimut Holding, and Guido Bocchio, Head of Venture Capital Azimut Libera Impresa, expressed pride in seeing Switcho’s evolution, highlighting how this exit represents a significant turning point for the Italian startup: “the entry into Mavriq will allow Switcho to make the most of the group’s skills and resources, further accelerating growth and innovation.”

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(Featured image by Bench Accounting via Unsplash)

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