Dwelly, a vertical AI services company for residential lettings, has raised £130 million in a Series B financing co-led by EQT Growth and General Catalyst. The round includes £72 million in equity, with additional participation from s16vc, Begin Capital, DVC, the CEOs of Legora, Synthesia and ElevenLabs, and Philipp Freise, Partner and Co-Head of European Private Equity at KKR. A further upsizing of Dwelly's debt facility from Trinity Capital makes up the rest of the round.
Rather than selling software to lettings agents, Dwelly acquires local operators and moves their work onto shared AI infrastructure, keeping local brands, relationships and teams in place. AI agents handle transactional work across tenant enquiries, onboarding, rent collection, maintenance, compliance, contracts and communication between landlords, tenants, contractors and property managers. Every tenant and landlord communication runs through the platform, which maintains a continuously updated context for each customer, and the system can answer routine questions, check policies, update records, select maintenance providers, request parts, coordinate appointments and keep all parties informed, escalating exceptions to agency staff when human judgment is needed. Agency staff supervise the AI agents and spend more time advising landlords and tenants, allowing each property manager to handle more than 300 units, up from around 100.
Services account for 67% of global GDP and 50% of global employment. In the United Kingdom alone, roughly 20,000 firms manage around 5.5 million rental properties and more than £100 billion in annual rent, in a market that is large, fragmented and operationally intensive. Operating conditions are becoming more demanding worldwide, with higher compliance requirements, more tenant communication, tighter landlord economics and continued pressure to move faster without lowering service quality. Each of Dwelly's acquisitions brings years of communication history, property records, landlord preferences, contractor behaviour, process exceptions and local operating knowledge, and once a workflow is automated or improved in one agency, that improvement can be rolled out across the network.
Dwelly now has 15,000 properties under management, making it a top-10 United Kingdom agency, and manages £350 million in rent roll. New capital will go into three areas: acquiring high-quality independent agencies across the United Kingdom and integrating them into the operating system; deepening AI automation across lettings, property management, rent collection, compliance and maintenance; and building new financial products for landlords and tenants. Expansion into selected European markets is also planned, adapting the acquisition and operating model to local lettings markets.
Dwelly is AI-first by default: we assume AI should be able to do every operational task. That changes what a lettings agent can be. AI takes over the transactional layer, while our people become world-class advisors to landlords and tenants. The goal is to bring a private-wealth level of service to one of the country's least trusted industries.
Ilya, Dan and the team are exceptional founders building one of the most exciting AI companies in Europe. EQT has invested in business services for decades, and Dwelly represents a fundamentally different model. We believe the era of simply aggregating agencies for financial returns is over. Dwelly is reinventing service delivery by applying AI to every part of the operating model, creating a better experience for customers while redefining how residential lettings are delivered. We're proud to support them on their journey to build a global category leader.
Dwelly has reimagined the tenant experience: a question answered in seconds, a viewing booked in minutes, a contract signed without ever walking into an agency office. Ilya and Dan built their way into becoming the industry itself, rebuilding it from the inside with obsessive precision. This is a blueprint for European services transformed by AI, delivered by founders with the drive to take on the hardest, most fragmented markets, and the patience of capital behind them to see it through.
Dwelly has continued to execute since its previous financing, growing its agency network and scaling its integration model. We are pleased to support the company as it expands across the UK lettings market.
