A London-based proptech startup called Dwelly just closed a $170 million Series B round to keep buying up UK letting agencies and running them with AI. The round was led by EQT Growth and General Catalyst, the latter of which also backed Dwelly’s previous raise.
That previous raise, a $93 million round, happened in February 2026. Five months ago. The company has now pulled in $263 million in combined funding in less than half a year.
The roll-up playbook, but make it AI
Dwelly’s strategy is deceptively simple. The UK lettings market is fragmented, full of small independent agencies running on spreadsheets, phone calls, and vibes. Dwelly acquires these agencies, plugs in its AI stack, and automates the tedious stuff: tenant screening, rent collection, property management operations.
By early 2026, the company was managing over 10,000 properties.
