Dwelly Secures $170 Million in Series B Funding

Dwelly, an AI-driven proptech company, has announced the successful closure of a $170 million Series B funding round. The round was spearheaded by EQT Growth, with participation from General Catalyst and notable angel investors such as Max Junestrand, Victor Riparbelli, and Mati Staniszewski.

A Strategic Move in AI Rollup

Founded in 2023 by former Uber and Gett executives Ilia Drozdov, Dan Lifshits, and Dmitry Khanukov, Dwelly has positioned itself as a leading example of the "AI rollup" model. Unlike traditional approaches, Dwelly acquires existing letting agencies and integrates its proprietary AI solutions to automate essential property management tasks. These tasks include tenant communications, maintenance requests, contract management, and rent collection.

CEO Ilia Drozdov emphasized the company's commitment, stating, "The company is probably the most important thing in my head pretty much any time, seven days a week, 24 hours a day."

Use of Funds

The newly acquired capital is earmarked for further acquisitions of letting agencies across the UK. Dwelly aims to enhance its market presence by embedding AI into more operations, thereby increasing efficiency and profitability. Currently, the company manages approximately 15,000 properties and collects around £350 million in rent annually through 17 acquired agencies.

Investor Confidence

The participation of high-profile investors like General Catalyst and angel investors from the AI sector underscores the growing interest in startups that modernize traditional industries with technology. By leveraging AI, Dwelly plans to transform the fragmented property management sector into a more cohesive and dynamic industry.

The Road Ahead

With the backing of EQT Growth and others, Dwelly is set to continue its expansion across the UK, driving innovation in the property management sector. The company's strategy focuses on acquiring established agencies and enhancing them with cutting-edge AI technology, setting a precedent for other startups in the industry.