9 Add-Ons in 24 Months | Dan Lifshits of Dwelly Interview

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Mar 28, 2026

Dan Lifshits, co-founder and CPO of Dwelly who is building an AI-enabled lettings roll-up in the UK. He discusses why lettings are ripe for consolidation. He explains limits of organic growth and why acquisitions scale faster. He covers integration: replacing legacy CRMs, adding software and AI, and what makes an ideal acquisition target.

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ANECDOTE

Founders Built Dwelly From A Previous Lettings Exit

Dan Lifshits traced Dwelly's origin to the founders' earlier experience building a large tech-enabled lettings business in Eastern Europe that they later sold in 2021.
That prior exit and operational experience shaped the decision to combine AI-first product work with an acquisition-driven growth plan for UK lettings.

INSIGHT

Acquisitions Beat Organic Growth In Lettings

Organic landlord acquisition in lettings is structurally slow because landlords switch only during short vacancies and new landlords enter at ~1% per year.
Dwelly overcame this by acquiring agencies to instantly buy recurring managed contracts rather than waiting for slow organic churn.

INSIGHT

Lettings Agencies Offer Annuity Style Revenue

Lettings agencies are attractive for roll-ups because they deliver annuity-like recurring revenue with >95% retention and monthly subscription-style monetization.
High retention and predictable cash flows make managed portfolios valuable acquisition targets.

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Dan Lifshits, co-founder of Dwelly, explains how he is building an AI-enabled roll-up in the UK lettings market by acquiring independent agencies and modernizing them with software.

Dwelly has completed 9 acquisitions in just 24 months, combining a buy-and-build strategy with a technology-first operating model designed to improve service for landlords and tenants while making agency operations far more efficient.

In this episode, we go deep on why lettings is such an attractive category for consolidation, why organic growth is limited in this market, and why Dan believes acquisitions are the fastest way to build a modern property management platform.

We cover:

• Why lettings agencies are such attractive recurring-revenue businesses
• Why organic growth is structurally difficult in property management
• How Dwelly uses acquisitions to scale faster than traditional operators
• Why the business was hard for investors to categorize as either VC or private equity
• What actually changes after Dwelly acquires an agency
• How software and AI can improve visibility, communication, and efficiency
• What makes an ideal acquisition target in the lettings market
• Lessons from raising capital for a new kind of roll-up

Dan also shares the real story of Dwelly’s fundraising journey, including why so many investors passed at first and what it takes to keep going when the vision is unconventional.

If you are interested in roll-ups, vertical software, AI, private equity, or building a modern services business through acquisition, this episode is full of insight.

Timestamps:
0:00 Intro: Dan Lifshits and Dwelly’s AI-enabled lettings rollup
1:34 The real fundraising story
2:02 Why the founders chose lettings after Uber and operational marketplace experience
5:06 Why acquisitions beat organic growth in property management
7:00 Why Dwelly was hard for investors to categorize as VC or private equity
10:01 How the founders evaluate industries and opportunities
11:45 Buying customers vs winning customers organically
16:26 Where rollups fail and why AI rollups are even harder
18:40 What actually happens after an acquisition and how integration works
25:34 Dwelly’s ideal acquisition target: size, recurring lettings revenue, and succession
32:18 Dan’s advice for founders struggling to raise capital

Sponsor:
https://capitalpad.com/ - A deal-by-deal private equity investing platform

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.