Dwelly, a property management platform that acquires and digitises independent letting agencies, has raised £69 million in equity and debt funding. The capital raise includes a £32 million equity round led by General Catalyst, with participation from Begin Capital and S16VC, and a £37 million debt facility from Trinity Capital. The funding aims to support its rapid growth through a series of M&A deals across the United Kingdom.
Since 2024, it has acquired and digitised independent rental agencies and applies software to improve tenant-landlord matchmaking, maintenance management, and rent collection. The approach aims to address a fragmented and labour-intensive sector where many small agencies lack modern systems. By integrating its operating system after acquisitions, it automates key functions, reduces manual overhead, and standardises service quality.
The United Kingdom letting market generates over £100 billion in rent roll and £10 billion in annual commissions, with around 20,000 firms operating in the sector. The top 100 firms account for less than 30% of approximately 5.5 million rental properties nationwide. Many firms remain independently owned and rely on manual processes.
After less than a year of M&A activity, it has acquired eight agencies and manages over £200 million in GMV. The platform provides agency owners with valuations, deal terms, and continuity of brand and client relationships after acquisition. It has crossed 10,000 properties under management, placing it among the top 15 largest letting agencies in the United Kingdom.
We have crossed 10,000 properties under management, placing Dwelly among the UK’s top 15 largest letting agencies in less than 2 years – an unseen speed of growth for letting agencies. 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.
AI is shaking up industries. The UK’s letting market is the perfect target for AI to simplify operations, boost tenant satisfaction, and skyrocket agent output. Dwelly leverages AI to supercharge agency performance and empower staff with smart tools, streamlining landlord-tenant-agency interactions for better efficiency and customer experience.
Dwelly is transforming one of the UK’s most fragmented and operationally demanding service sectors into a modern, AI-powered system. Their platform converts thousands of analogue, agency-level processes into scalable software, improving tenant experience, landlord economics, and agency efficiency all at once. We believe this combination of deep industry expertise, disciplined execution, and a systems-level AI architecture positions Dwelly to reshape how rental markets operate. It's exactly the kind of enduring, technology-led transformation General Catalyst is committed to backing.
Dwelly exemplifies what we look for - founders with proven track records at Uber and Gett, now consolidating a massive, fragmented market through strategic acquisitions and AI-powered operations. They've reached top-15 scale in under two years while improving outcomes across the board. We back teams who know transformation requires relentless execution.
