Move is snapped up by AI-strategy startup
Summary
Fast-rising lettings startup Dwelly has announced an additional stake in Gloucestershire’s property and lettings market by acquiring the keys to Cheltenham-based independent estate agency Move – the rapid-rising entity’s first step into home sales. The announcement marks Dwelly’s sixth buyout this year and the third in quick succession, as well as being the second in Cheltenham.
Details
Only last week, the same fast-rising firm, which began in 2023 and is fuelled by funding including Silicon Valley’s venture capital outfit General Catalyst, bought Promenade-based lettings agency Elliot Oliver as it continues a declared “sustained period of expansion across the UK lettings market”.
The Move deal, for an undisclosed sum, adds some 1,100 fully managed properties across Move’s three branches (in Cheltenham, Gloucester and Worcester) to the Dwelly network, significantly strengthening the company’s presence across Cheltenham and the South West region, the firm confirmed.
Dwelly, whose parent entity is Prospire Technologies Ltd , said that the second Gloucestershire acquisition will see both firms outwardly remain the same, as per the startup’s “family of brands” strategy. Dwelly added that it had found Move to be “another impressive Cheltenham based agent…
a company that, like Elliot Oliver, has established a strong regional presence within both lettings and sales.” As part of the deal, Move’s founder, George Tatham-Losh , will take a step back, while Verity Howes will now move into the role of Managing Director, leading the company through its next phase.
Dwelly is a London-based proptech startup on a widely reported mission to change the UK rental market through an “AI-enabled roll-up” strategy (see below). Instead of competing with traditional high-street letting agencies, it directly buys them out to absorb their landlords and property portfolios.
The venture is led by Kyrgyz businessman Ilia Drozdov , Israeli Dan Lifshits and US-Russian co-founder Dmitry Khanukov , the trio being former senior leaders at Uber and the taxi app Gett .
Their acquisition follows a string of deals completed by Dwelly so far this year, with the business continuing to focus on established independent agencies that have built strong reputations within their local markets and communities.
Report source: Punchline Gloucester