Key facts
- Dwelly, a UK-based proptech firm, raised $170 million.
- The funding consists of $95 million in equity and a $75 million debt facility.
- The company plans to acquire more real estate companies.
- Dwelly uses AI to enhance operational efficiency in property management.
- The firm currently manages 15,000 properties and has acquired 16 companies.
UK-based proptech firm Dwelly has secured $170 million in a new funding round to fuel its strategy of acquiring smaller property management and brokerage companies and integrating artificial intelligence to streamline operations. The financing package includes $95 million in equity, co-led by General Catalyst and EQT Growth, and a $75 million debt facility from Trinity Capital, with contributions from Begin Capital, s16vc, and DVC.
Founded in 2023, Dwelly operates an online platform for buying and selling real estate, leveraging AI to enhance efficiency and reduce costs. The company has already acquired 16 firms, managing a portfolio of 15,000 properties and accumulating $466 million annually in rent. Dwelly's AI agents can handle over 300 units, significantly more than human agents, and have reportedly cut maintenance request completion times by 30%.
This approach, often termed "centralization" in the multifamily sector, is becoming increasingly common as property owners face flatlining incomes and rising costs for materials, insurance, and interest rates. Proptech firm EliseAI suggests AI can boost net operating income by 20% and payroll savings by 10-20%, while Equity Residential has reduced its workforce by implementing AI. Investors view this strategy as a key method for improving business profitability and efficiency.