Dwelly raises £128m to scale AI operating system for UK lettings

Dwelly has raised a $170m (£128m) Series B round to build out its AI operating system for UK lettings agencies. 

The UK startup pairs experienced teams with AI-powered tools to make everyday lettings, payments and maintenance simpler for tenants, landlords and the agents who serve them.

Dwelly automates the transactional layer of this process so every tenant and landlord communication runs through its platform. This keeps a continuously updated context for each customer and property. 

AI agents handle work end-to-end, from answering maintenance, contract, tenancy procedure and routine questions to selecting the right maintenance provider, requesting parts, coordinating appointments and keeping every party updated.

The firm’s relationship layer stays with humans. Dwelly says AI can help prepare the work and make sure nothing is missed, but it “cannot replace the trust that comes from inspecting a property, understanding its value as an investment, or helping a landlord make a judgment call.” 

Dwelly’s Series B was led by EQT Growth, with participation from General Catalyst, s16vc, Begin Capital, DVC, and founders including the CEOs of Legora, Synthesia and ElevenLabs, plus Philipp Freise, partner and co-head of European private equity at KKR.

The round includes $95m (£71.4m) in equity and a $75m (£56.3m) debt facility led by Trinity Capital. 

Dwelly will use the capital to boost AI-native platform development, acquire more independent agencies, and bring them onto Dwelly’s operating system.

According to Office for National Statistics (ONS) data, the UK private rented sector accounts for 19% of households. The UK lettings market has roughly 20,000 firms managing around 5.5 million rental properties. These firms handle more than £100bn in annual rent and about £10bn in agency commissions.