Fast-growing residential lettings management platform Dwelly, which uses AI to support agents, has raised £69 million in equity and debt funding to continue its rapid growth.
The new funding for the service, which automates the processes such as valuations, finding tenants, maintenance and rent collection, includes £32 million equity round led by General Catalyst and a £37m loan from Trinity Capital.
Dwelly, which is growing through acquisitions of small agents (eight so far), seeks to enable small and independent operators to complete with larger rivals through access to its system.
Co-founder and chief executive Ilya Drozdov said: “We have crossed 10,000 properties under management, placing us among the UK’s top 15 largest letting agencies in less than two years – an unseen speed of growth for letting agencies. Our vision is to build an end-to-end platform evolving into a fully transactional rental marketplace with a robust fintech layer for rent collection and ancillary products.”
Co-founder and chief people officer Dan Lifshits said: “The UK’s letting market is the perfect target for AI to simplify operations, boost tenant satisfaction, and skyrocket agent output. Dwelly leverages AI to supercharge agency performance and empower staff with smart tools, streamlining landlord-tenant-agency interactions for better efficiency and customer experience.”
Contact Alex Pericli at alex@properpr.co.uk
Visit https://www.dwelly.group/
Image (l-r): Dmitry Khanukov, Dan Lifshits & Ilya Drozdov.
Dwelly is a UK-based property management platform that acquires and digitizes independent rental agencies, streamlining operations and enhancing the rental experience through advanced AI.
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Strategic Acquisitions
Dwelly aims to consolidate the UK’s highly fragmented letting market, which generates over £100 billion in rent roll and £10 billion in annual commissions. Yet, the UK residential rental and property management sector remains highly labour-intensive and administrative. Around 20,000 firms operate in this space, with the top 100 firms accounting for less than 30% of the approximately 5.5 million rental properties across the country. Many of these firms are small or independently owned, often lacking modern systems and tools.
After less than a year of extensive M&A efforts, Dwelly has already acquired 8 agencies across the UK and currently manages over £200m in GMV. Dwelly offers a fair and transparent process for agency owners planning an exit from the sector. It provides competitive valuations, clear deal terms, and a commitment to preserving the agency’s brand and client relationships, allowing the owners to retire when they wish.
After an acquisition, Dwelly integrates its AI-enabled operating system to automate key functions, reduce manual overhead, and standardize service quality. By increasing the number of agencies and properties under management, Dwelly gains more data to train and improve its AI automations even further.
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