Proptech startup Dwelly has raised $170m to accelerate its AI-powered rollup strategy, acquiring more letting agencies across the UK and embedding artificial intelligence into their operations.
The funding round, first reported by Bloomberg, was led by EQT Growth and existing backer General Catalyst. It comprises $95m in equity alongside a $75m debt facility from Trinity Capital. The company did not disclose its valuation.
Several prominent angel investors also participated in the round, including Max Junestrand, cofounder and CEO of AI legal startup Legora, Victor Riparbelli, cofounder and CEO of AI video generation unicorn Synthesia, and Mati Staniszewski, cofounder of AI voice startup ElevenLabs.
Founded in 2023 by former Uber and Gett execs Ilia Drozdov, Dan Lifshits and Dmitry Khanukov, Dwelly has become one of Europe's highest-profile examples of the emerging "AI rollup" model.
Rather than replacing local operators, the company acquires established letting agencies and layers proprietary AI software over their existing businesses. Its technology automates labour-intensive property management tasks including tenant communications, maintenance requests, contracts and rent collection.
The raise comes just months after Dwelly secured £69m and reflects growing investor appetite for a new generation of startups acquiring traditional businesses before using AI to modernise them.
Dwelly says it has now acquired 17 letting agencies across the UK, managing around 15k properties and collecting roughly £350m in rent annually. The fresh capital will be used to finance further acquisitions.
“The company is probably the most important thing in my head pretty much any time, seven days a week, 24 hours a day,” CEO Drozdov previously told Sifted in an interview. “This is the last thing I’m thinking before going to sleep. This is the first thing I’m checking when I wake up.”
The company is part of a broader rollup trend attracting significant VC interest. Rather than relying solely on cost-cutting, AI rollup startups invest heavily in software after acquisitions, betting tech can transform fragmented, low-growth industries into faster-growing businesses.
