Via fortune.com
The London-based startup is buying up traditional letting agencies and replacing manual processes with AI, raising $263M in just five months.
A London-based proptech startup called Dwelly just closed a $170 million Series B round to keep buying up UK letting agencies and running them with AI. The round was led by EQT Growth and General Catalyst, the latter of which also backed Dwelly’s previous raise.
That previous raise, a $93 million round, happened in February 2026. Five months ago. The company has now pulled in $263 million in combined funding in less than half a year.
The roll-up playbook, but make it AI #
Dwelly’s strategy is deceptively simple. The UK lettings market is fragmented, full of small independent agencies running on spreadsheets, phone calls, and vibes. Dwelly acquires these agencies, plugs in its AI stack, and automates the tedious stuff: tenant screening, rent collection, property management operations.
By early 2026, the company was managing over 10,000 properties.
The co-founders bring an interesting pedigree to the table. Dan Lifshits, one of the principals, previously worked at Uber and Gett. That mobility-sector background explains the operational philosophy: take a fragmented, analog market, apply technology at scale, and consolidate aggressively.
Why venture capital loves this trade #
Dwelly’s February round was structured as a mix of equity and debt, with roughly £32 million in equity and £37 million in debt, which signals the company is using leverage to finance acquisitions while preserving equity upside for founders and investors.
EQT Growth leading this round is notable. EQT manages over $100 billion in assets and has been one of the more active European growth investors. General Catalyst coming back for a second consecutive round within five months suggests the firm saw enough in the early returns to double down aggressively. Other investors in the cap table include Begin Capital, S16VC, and Trinity Capital.
The company was founded around 2024–2025, which means it went from zero to 10,000-plus managed properties and $263 million in funding in roughly 18 months.
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