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AI Lettings Firm Dwelly Secures £125m to Expand UK Operations

AI-powered lettings business Dwelly has secured £125 million in new funding to accelerate its acquisition of independent letting agencies and further develop its technology platform. The funding round was co-led by EQT Growth and General Catalyst, with almost £70 million in equity and a further £55 million through an expanded debt facility from Trinity Capital, subject to final terms.

Dwelly currently manages around 15,000 properties across the UK and oversees an annual rent roll of approximately £350 million. The company does not license its software to agents; instead, it acquires independent lettings businesses and integrates them onto a shared AI-powered operating platform, while retaining their local brands and teams.

Dwelly’s AI technology supports a range of functions, including tenant enquiries, onboarding, rent collection, maintenance, compliance, contracts, and communications between landlords, tenants, and contractors. According to the company, the latest funding will be used to acquire more independent agencies, expand AI across its lettings and property management operations, develop financial products for landlords and tenants, and support expansion into selected European markets.

Dwelly states that its ownership model provides access to years of communication history, landlord preferences, property records, and operational knowledge with each agency acquisition. This enables improvements made within one business to be rapidly deployed across the wider network.

The investment follows a period of rapid growth for Dwelly and reflects ongoing interest in the application of AI to the UK lettings and property management sector. The company’s approach may be of particular relevance to letting agents and inventory clerks interested in the integration of AI technology into traditional property management workflows.