Dwelly Raises $170M to Build an AI Operating System for Lettings

Property management still depends heavily on phone calls, emails, spreadsheets and people chasing contractors. Dwelly is trying to automate that operational layer without removing the local agencies that landlords and tenants already know.

The UK company has raised $170 million in Series B funding. EQT Growth led the round, with General Catalyst, s16vc, Begin Capital and DVC participating. The financing includes $95 million in equity and a $75 million debt facility led by Trinity Capital.

Founded in 2024 by Ilia Drozdov, Dan Lifshits and Dmitry Khanukov, Dwelly acquires independent lettings agencies and connects them to its AI operating system. The company has completed 16 acquisitions and now manages more than 15,000 properties, placing it among the UK’s ten largest agencies.

Its AI agents handle routine work including tenant questions, maintenance requests, contractor coordination, rent collection and compliance. Human staff remain responsible for property advice, inspections and decisions that require local knowledge or trust.

Dwelly says this model allows one agency employee to supervise more than 300 properties, compared with roughly 100 under a traditional setup. The company also reports that AI has reduced maintenance-resolution times by 30%, while its platform generates an average of ten validated offers per property. These figures are company-reported.

The new capital will support further AI development, additional agency acquisitions and new services including rent guarantees, legal protection, financing and a contractor marketplace.

Dwelly is not simply selling software to property managers. It is buying the agencies, owning the workflow and using their operating history to improve the system. The challenge will be maintaining local service quality as the network expands.