Lettings and estate agency acquired as part of targeted buyout strategy

Dwelly, a letting and property management marketplace, has expanded its portfolio by 1,000 properties following its buyout of Lime Property an estate and lettings agency in Hull.

Key Lime stakeholders are remaining on board with the new venture. Lime Property has a revenue of £1.2m and employs 15 people.

Dwelly explains it is implementing a targeted buyout strategy and alongside integration of AI services.

It says this integration automates business processes, transforming traditional agencies into tech-enabled digital lettings platforms within two months.

Sam Humphreys

Sam Humphreys, managing director of Lime Property and shareholder at Dwelly, said: “With over 20 years of experience in the real estate industry and having worked with Lime from its inception, I recognise 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, entrepreneurs with over 15 years of experience working together and a track record of successful exits in the tech-enabled lettings industry.

They have previously held leadership positions at tech giants and consulting firms such as Uber, McKinsey, and Gett, and were inspired by their personal experiences navigating the cumbersome rental process in London.

Drozdov, CEO & co-founder, said: “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.”