Dwelly, a UK-based proptech startup, has closed a substantial funding round worth $170 million to accelerate its rollup strategy and finance the acquisition of additional letting agencies across Britain. The round, which includes a $75 million debt facility provided by Trinity Capital, was led by EQT Growth and General Catalyst, with participation from angels including Max Junestrand, Victor Riparbelli, and Mati Staniszewski.
The company, founded in 2023 by former executives from ride-hailing platforms Uber and Gett, operates a business model centered on acquiring independent letting agencies and integrating proprietary artificial intelligence software to streamline property management operations. Dwelly currently manages a portfolio of 17 agencies overseeing approximately 15,000 properties.
Aggressive Growth Through Acquisitions
Dwelly’s strategy reflects a broader trend in European proptech where technology-enabled companies acquire fragmented traditional service providers to create scalable platforms. The capital injection will directly support the acquisition of further letting agencies, allowing the company to expand its footprint while standardizing operations through automation.
The AI-powered approach addresses persistent inefficiencies in residential property management, where manual processes and fragmented systems remain commonplace. By embedding its technology across acquired agencies, Dwelly aims to reduce operational overhead whilst improving service delivery to landlords and tenants.
“The company is probably the most important thing in my head pretty much any time, seven days a week, 24 hours a day. This is the last thing I’m thinking before going to sleep. This is the first thing I’m checking when I wake up,” said Ilia Drozdov, CEO of Dwelly, reflecting on the company’s trajectory.
Strategic Investors Back Expansion
EQT Growth’s decision to lead the round signals confidence in the rollup model within European property services. The Stockholm-based venture capital firm has previously backed ambitious scaling initiatives across the continent, while General Catalyst brings significant experience in software-enabled service businesses.
The inclusion of a substantial debt facility demonstrates investor confidence in Dwelly’s ability to service borrowing whilst pursuing an aggressive acquisition strategy. This blended approach—combining equity and debt financing—enables faster deployment of capital for acquisitions whilst maintaining a sustainable capital structure.
European Proptech Momentum
Dwelly’s funding milestone arrives as European proptech continues attracting significant institutional capital. The sector has witnessed growing recognition that technology integration in property services represents a substantial value creation opportunity, particularly where legacy operations dominate and digitalization remains limited.
The UK lettings market, where Dwelly operates, remains highly fragmented with thousands of independent agencies managing portfolios across the country. This fragmentation creates opportunities for consolidators equipped with modern technology and operational expertise to build scaled platforms where none currently exist at the national level.