London-based PropTech company Dwelly has raised $93 million in a combined equity and debt round to expand its consolidation strategy across the UK residential lettings market. Founded by former executives from Uber and Gett, the company focuses on acquiring independent real estate agencies and upgrading their operations using in-house technology.
The funding will support Dwelly’s effort to scale operations in a fragmented market where many agencies continue to rely on manual processes. By owning and modernising these businesses, the company aims to improve efficiency while retaining their local presence.
The UK residential lettings market generates more than $134 billion in annual rent and around $13.4 billion in agency commissions. However, despite its size, the sector remains highly fragmented.
Around 20,000 small and mid-sized agencies operate across the country. The top 100 firms control less than 30% of the market. As a result, many agencies still depend on paperwork, phone-based coordination, and disconnected systems, which slows operations and increases costs.
The latest funding includes $43 million in equity led by General Catalyst, alongside a $50 million debt facility from Trinity Capital. Dwelly plans to use this capital to acquire more independent agencies and migrate them onto its platform.
Instead of selling software to agencies, the company takes ownership of the businesses. This gives Dwelly full control over operations, revenue, and cost structures. According to the founders, this approach allows faster and deeper technology adoption than a traditional SaaS model.
After an acquisition, Dwelly integrates its AI-driven operating system while keeping existing agency brands and teams intact. In the lettings process, automation supports tenant communication and verification. On average, properties receive around 10 verified offers within three days, reducing tenant placement time to under two weeks.
Property management has also been streamlined. AI-powered chat tools and automated tracking systems have cut average maintenance resolution times from roughly 50 days to 20. Co-founder Dan Lifshits has stated that the goal is to reduce administrative work, not replace staff. This allows teams to focus more on client service and property viewings.
Within two years, Dwelly has acquired 10 agencies and crossed 10,000 properties under management. This places the company among the UK’s 15 largest letting firms by portfolio size. It currently manages over $270 million in gross rent and plans to grow its workforce from 300 to more than 1,500 employees by the end of the year.
With the new funding, Dwelly is targeting 50,000 managed properties by year-end, which would place it among the country’s top five agencies. Zeynep Yavuz, a partner at General Catalyst, highlighted the company’s ability to convert manual processes into scalable systems that benefit landlords, tenants, and agency staff.
Beyond the UK, Dwelly is also evaluating expansion into Western Europe, with France identified as a potential first market.
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