What would make Dwelly worth £10 billion?

The Dwelly Endgame

AI-native agency, platform, marketplace, or something new?

A brief introduction to the challenge. The full case will be released when registration closes.

Dwelly is a fast-growing UK AI-native residential lettings company. It was founded in 2023 by three executives from the ride-hailing industry. By 2026 it ranks among the ten largest letting agencies in Britain: 20 acquired agencies in 18 regions, 16,500 homes under management and a rent roll of about £350 million. Behind the local brands runs one AI-native operating system, on which a member of staff looks after more than 300 tenancies, against roughly 100 at a conventional firm. In July 2026 it raised a £128 million Series B led by EQT Growth: £71.5 million in equity and a £56.4 million debt facility. That came five months after a £69 million round in February.

This November, the founders face a decision they can't put off. Their thesis is “AI-native services”: AI can now do the work of a service business, rather than be sold as software to the people who do it. Four different companies could be built on that idea: an AI-native lettings agency that keeps buying independents, a platform that does the work for the 20,000 firms it would otherwise have to buy, a marketplace that takes a toll on transactions between tenants, landlords and contractors, or a new kind of service company selling insurance, rent guarantees and financing to landlords.

To force the choice, the founders have set themselves a target: be worth £10 billion within five years, roughly the size of the UK lettings industry's entire annual commission pool. They have the £128 million just raised, and more they can raise if the plan convinces investors, but they have agreed to put at least 80% of it behind one architecture. Note how the money is split: debt and equity are not equally useful for every route. Your team advises the founders: which company should Dwelly become, and what would have to be true for it to be worth £10 billion?

“If you sell the software, you get 1.5–2% of the P&L of the agency. If you own an agency and deliver the full end-to-end service, you get 100% of the P&L.”

Three angles, one recommendation

One written recommendation per team, no more than 10 pages. An optional 3-minute video presentation can strengthen your submission by helping judges better understand your reasoning and recommendations. The judges will push hardest on the numbers.

The full case, with exhibits on the UK lettings market, the Renters' Rights Act and an illustrative reverse valuation, is released to registered teams on 19 October, straight after the kick-off webinar.

Company facts are drawn from public sources and are company-reported and unaudited. Funding figures are as publicly reported in 2026. The founders' November decision, the 80% commitment and the £10 billion target are case devices, not statements about Dwelly's plans or valuation.

Key dates

Five dates. Put them in your calendar now.

1. 1
   1 October
   Registration opens

   Register your team of 2–5, any degree, any year.

2. 2
   19 October
   Registration closes. Case goes live.

   A short kick-off webinar walks through the brief; the full case is released straight after. From here, registered teams have seven days.

3. 3
   26 October
   Submissions close

   One recommendation per team, no more than 10 pages, with an optional 3-minute video presentation, by 23:59 UK time.

4. 4
   2 November
   Finalists announced

   Every entry is scored by practitioner faculty against a shared rubric.

5. 5
   14 November
   National Final, London

   Finalists present in heats; the shortlist faces the judges for the final result. Venue confirmed to finalists.

Ilia Drozdov

Co-founder & CEO, Dwelly

Building the AI-native residential lettings leader in the UK.

The client in the room

Suren Avanian

Executive Director, Investment Banking, J.P. Morgan

Advises companies on M&A, financing and positioning.

The valuation lens

National Final · London · 14 November

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