Dwelly raises $170M to turn UK lettings agencies into software

The London startup is buying independent lettings firms and folding them onto an AI platform, with EQT Growth leading the equity and Trinity Capital supplying the debt.

The UK lettings business still runs on phone calls, paperwork, and the slow choreography of getting a boiler fixed, and Dwelly is betting that most of it can be handed to software.

The London-based startup had raised $170mn in a Series B round, split between $95mn of equity and a $75mn debt facility, and it plans to spend the money buying independent lettings agencies and moving them onto an AI platform that runs the day-to-day.

EQT Growth led the equity, and General Catalyst, s16vc, Begin Capital, and DVC all joined, alongside a roster of angels that reads like a who’s who of European AI.

The chief executives of Legora, Synthesia, and ElevenLabs each put in money, as did Philipp Freise, a partner...

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