London-based PropTech firm Dwelly has raised £128m ($170m) in Series B funding.
Dwelly was founded by Ilia Drozdov, Dan Lifshits and Dmitry Khanukov in 2023. It announced a £69m ($93m) funding round in February 2026 and has since been included in BusinessCloud’s Founder 250.
Dwelly is an AI-first lettings and property management platform and has completed six acquisitions in 2026.
The $170m Series B round was led by EQT Growth, with participation from General Catalyst, s16vc, Begin Capital, DVC and several founders, including the CEOs of Legora, Synthesia and ElevenLabs, as well as Philipp Freise, partner and co-head of European private equity at KKR.
The round includes £71.5m ($95m) in equity and a £56.4m ($75m) debt facility led by Trinity Capital.
Dwelly will use the capital to accelerate development of its AI-native platform, acquire more independent agencies and bring them onto Dwelly’s operating system.
Following a series of acquisitions, Dwelly aims to consolidate and dominate the UK’s £100bn lettings market.
Ilia Drozdov said advances in AI agents will enable Dwelly to focus on three areas: AI development, expansion and investing in the product.
He said: “First, AI development. Automation goes deeper across lettings, property management, rent collection, compliance and maintenance, with clear handoffs to staff in the places where judgement is still needed.
“Second, expansion. Continuing to buy high-quality independent agencies across the UK, and eventually beyond, integrating each one into Dwelly’s AI operating system rather than just adding it to a portfolio.
“Third, we want to invest in a wow experience for landlords and clients. ‘What else can I do for you?’ – we want our people to ask this question as often as possible.
“Our AI-native model lets us move away from endless routine work and spend dramatically more time with clients and landlords, solving their problems and improving their lives in every possible way.
“None of it is easy, but the goal is worth every bit of it.”
Dan Lifshits said: “Property management is only the first of many labour-intensive, document-heavy markets that will be rebuilt the AI-native way.
“Here are the three principles Dwelly is using to go after one of the UK’s largest, most fragmented industries: 20,000 firms managing around 5.5 million rental properties, handling more than $130bn in annual rent and around $13bn in agency commissions.
“We’re confident the same three principles apply well beyond lettings – to other AI-native companies, in other countries, taking on industries just as large, with goals just as ambitious. The winners will be the ones who own the workflow directly, the way Dwelly owns lettings today.”
Today, Dwelly manages more than 15,000 properties, making it one of the UK’s top 10 letting agencies.
BusinessCloud’s Founder 250 celebrates 250 of the UK’s best founder-led and founder-influenced businesses.