PropTech lettings platform Dwelly has raised £69m in new funding as part of its ambitious plans to acquire more letting agencies and expand its AI-powered operating platform.
Dwelly’s model involves buying independent agencies and integrating its AI platform to digitise rent collection, maintenance and tenant-landlord matching. After completing eight acquisitions in under a year, the group now manages more than 10,000 properties, which it claims places it among the UK’s 15 largest letting agents.
Fragmented market
The new capital will fund further deals as the company targets a lettings market it describes as highly fragmented, with around 20,000 firms operating across an estimated £100bn in annual rent, yet the top 100 agents account for less than 30% of the approximately 5.5 million rental properties nationwide.
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.”
Dwelly’s CEO, Ilya Drozdov (main picture), says their ambition goes beyond consolidation: “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 Product Officer Dan Lifshits believes the UK lettings market is “the perfect target for AI” and says the technology is already delivering results, with letting times cut by around a third and maintenance resolution times reduced by a similar margin.
General Catalyst partner Zeynep Yavuz adds that her firm believes Dwelly‘s combination of industry expertise and AI architecture positions it “to reshape how rental markets operate.”
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