Dwelly, an AI-enabled letting and property management marketplace, has expanded its portfolio by 1,000 properties following the buyout of UK estate and lettings agency Lime Property.
Dwelly's targeted buyout strategy includes the integration of AI services to transform agency processes. The firm says that this approach can transform traditional agencies into tech-enabled digital lettings platforms within two months. Key Lime stakeholders are remaining on board with the new venture.
Ilya Drozdov, CEO & co-founder of Dwelly, says: 'In the past three years, the UK real estate market has experienced numerous M&A deals, with over 20,000 agencies operating.
'Traditionally dominated by international giants and private equity firms lacking in technical expertise, these deals have often struggled with digital transformation. Dwelly aims to bridge this gap by using advanced technology to boost operational efficiency and drive innovation in the sector.'
Unlike other startups that struggle with organic growth and burn through funds trying to acquire new listings, the efficacy of this business model has been substantiated not only by its founders, who have managed over 10,000 units with the largest lettings player in Eastern Europe but also by prominent companies in Latin America and China, such as QuintoAndar and Beike.
Lime Property has been a player in the UK market for over 10 years, operating as both an estate and lettings agency with a revenue of £1.2 mln (1.5 mln) and employing 15 people.
Sam Humphreys, managing director of Lime Property and shareholder at Dwelly added: 'With over 20 years of experience in the real estate industry and having worked with Lime from its inception, I recognise that the sector is poised for the implementation of new strategies.
'Our team is committed to expanding the Dwelly marketplace’s network by leveraging AI solutions and automating business processes, thereby enhancing the experience for both landlords and tenants.'
Dwelly was founded by Ilya Drozdov, Dan Lifshits, and Dmitry Khanukov, seasoned entrepreneurs with over 15 years of experience working together and a track record of successful exits in the tech-enabled lettings industry.
Previously holding leadership positions at tech giants and consulting firms such as Uber, McKinsey, and Gett, they were inspired by their personal experiences navigating the cumbersome rental process in London.
