AI-powered lettings business Dwelly has secured £125 million in funding. This investment is intended to support its strategy of acquiring independent letting agencies and expanding its technology platform across the UK and into European markets.
The funding round was co-led by EQT Growth and General Catalyst. It comprises $95 million in equity and a further $75 million through an expanded debt facility from Trinity Capital, subject to final terms.
Dwelly currently manages around 15,000 properties in the UK, with an annual rent roll of approximately £350 million. The company's model involves integrating acquired businesses onto a shared AI-powered operating platform while retaining local brands and teams.
The firm's AI technology handles various functions, including tenant enquiries, onboarding, rent collection, maintenance, compliance, contracts, and communications. According to Dwelly, the new funding will be used for acquiring additional independent agencies, expanding AI capabilities, developing financial products for landlords and tenants, and supporting expansion into selected European markets.