Dwelly raises $170M Series B to automate UK lettings with AI

Dwelly, a London startup that buys UK letting agencies and runs them on AI, raised $170 million in a Series B round led by EQT Growth and General Catalyst. The funding includes $95 million in equity and a $75 million debt facility from Trinity Capital, coming five months after its previous round. Equity investors included s16vc, Begin Capital, DVC, KKR's Philipp Freise, and the CEOs of ElevenLabs, Legora, and Synthedia. Dwelly now manages 15,000 properties with a total rent roll of £350 million, and says its AI lets one property manager handle over 300 units, up from about 100 before. Co-founder and CEO Ilya Drozdov started the company in 2023 with Dan Lifshits and Dmitry Khanukov, who previously built and sold a 10,000-property rental business in Eastern Europe. Dwelly entered the UK market by acquiring Hull-based Lime Property and now combines agency acquisitions with required automation from the start.