Lette, an AI operating system for institutional residential rental operators, has raised £5 million in seed funding led by Peak, with participation from Heliad, Foreword VC, Pitchdrive and Adeline, as well as angel backing including Des Traynor, co-founder of Intercom. The funding will be used to grow the team across product, engineering and customer operations, and to expand into new European markets in 2027.
Since the Renters' Rights Act came into force on 1 May, fixed-term tenancies have ended in England and most private renters can leave with two months' notice at any time. Retention is no longer settled once a year at renewal, so operators win or lose it every month and the service a resident gets matters from the first enquiry. Most teams still run resident service from inboxes, spreadsheets and disconnected point solutions, while portfolios grow faster than headcount.
Lette replaces the patchwork around the property management system for operators across build-to-rent, private rented, student and single-family housing. Its AI agents run leasing end to end and answer residents in seconds, at any hour and in any language, through Lette's resident app, email, WhatsApp, SMS or voice calls. They manage maintenance from first photo to completed repair and spot missed rent early so teams can step in before arrears build. Lette syncs with Yardi and MRI, among others, and writes every update back so the property management system stays the source of truth and teams can go live in weeks with nothing to migrate.
Across more than 30,000 units, Lette handles over 60% of resident support and maintenance requests automatically and has cut the time it takes to lease a home from two weeks to under four days. Customers include Fortune 500 real estate firm JLL, and one leading build-to-rent operator has added more than 1,000 homes without increasing headcount. Lette has grown its team sixfold in a year, with senior industry hires including Mitch Hammond, formerly of OnTheMarket, and Abhiram Mishra, formerly of QX Global. Demand has been driven by the new notice rules: operators now have to win retention every month, and empty homes cost rent from day one.
Institutional operators in the UK and Ireland have never had a platform built around how their teams lease homes and look after residents. Lette takes a home from first enquiry to signed lease and stays with the resident after move-in, working alongside the systems operators already have. We're using this funding to go deeper for UK operators. Now that residents can leave at two months' notice, every day a home sits empty is lost rent, and that is what we help operators win back.
Housing is a human industry. Letting agents and property managers come into this job to look after people, yet their days are still spent chasing leads, copying details between systems and updating spreadsheets. We started Lette to automate that repetitive work and give teams their time back, so they can pick up the phone when it matters and be there when a resident really needs them.
Margins in residential are under pressure, and our clients expect us to run their buildings as efficiently as possible. Working with Lette helps us do that. It streamlines the journey from first enquiry to signed lease and gives us a real-time view of how each building is performing and ensures that the main focus is on residents.
We see a clear opportunity to build the AI-native operating system for residential property in Europe, and we believe Lette is leading the way. Mohan and Jakub bring deep technical expertise and sharp commercial judgement, and have moved quickly to earn the trust of major operators in the UK and Ireland. By building around the full resident lifecycle, they are creating a platform that is becoming central to how those businesses operate, with the operational data and customer relationships to build a lasting advantage. That is what convinced us to invest, and we're excited to help the team realise that ambition.
