AI-Driven Lettings Roll‑up Scales with $93M Fundraise
. @DanLifshits, co-founder of Dwelly, explains how he and his partners are building an AI-enabled roll-up in the UK lettings market by acquiring independent agencies and modernizing them with software. After completing 9 acquisitions in just 24 months, Dwelly recently announced a $93 million fundraise, accelerating a buy-and-build strategy anchored in a technology-first operating model. Timestamps: 0:00 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
More Tools Lead to Better Products and Stronger Business
Although this example of increasing competitiveness comes from the public markets... I believe the same principle applies just as strongly to investing in and building companies in the $1-15M EBITDA range. "With more tools you are better equipped to understand the world...
Deal's Allure Fades when You Crunch the Numbers
Why some business deals look amazing—until you do the math properly. https://t.co/1vSKngieRj #SmallBusiness & Deal Making #SMB https://t.co/wb8AmKBfnA
LVMH Balances Cycles by Pairing Stable Spirits with Fashion
$LVMH laid out the strategy driving their acquisitions in 2002 Holding so many different luxury goods businesses would help to balance the cyclicality of each category. “Wines and spirits are stable businesses with long cycles” versus luxury fashion and ready-to-wear...
EPF Abstains, Handing RM11b Deal to Minority Shareholders
The single largest shareholder in IJM just refused to vote on a RM3.15 per share takeover bid worth RM11b in total. That silence is not neutral — it is doing something specific. (Abstentions in public M&A rarely mean “no opinion.”) EPF, IJM’s...
From Family Office Advisor to Founder: Raising $25M
An important reminder if you work for a family office or just a HNWI and you've done a wonderful job allocating their capital across various asset classes: fixed income, real estate, public equities, PE, venture capital, private credit, commodities, and traditional...
Synergy Turns 4x Acquisitions Into 10x Value
the roll-up math: buy 8 businesses at 4x combined EBITDA: $4M Synergised platform value at 10x: $40M same earnings the multiple did all the work
Quality‑of‑Earnings Review Triggers Price Cuts and Walk‑aways
the quality of earnings review finds every time: – inflated owner salary – personal expenses in business – one-off revenue not repeating – related party transactions every finding: – a price reduction – a structure adjustment – a walk away signal never skip it
From Billion‑Dollar Deals to Billion‑Dollar Turnarounds
IB at Goldman Sachs. PE at TPG. Then he pitched a $1B restaurant buyout at Paulson — now he’s fixing another $1B mess.
Predictive Intelligence in Snowflake Accelerates Growth Signal Detection
Missed our webinar? See how Crunchbase’s predictive intelligence in @Snowflake helps teams use high-signal data to spot growth, funding, and acquisition signals earlier — and act faster. Get the recording. 🎥: https://t.co/iYm0Ow88gF https://t.co/pJk1MeZSf9
Specialized Expertise Thrives Regardless of Market Conditions
I keep seeing and hearing that, in today’s market, many of the most seasoned people in finance are avoiding fundraises and choosing to go deal by deal... That said... I had a brief 30-minute conversation with a gentleman who has raised...
Google Quietly Hands Fiber to Subpar PE Provider
Google has flipped its “fiber” business to a really shitty PE-owned broadband provider. And they did it quietly. This is the worst outcome for Google Fiber customers. Tip @techmeme https://t.co/ieoQ0sDH4H
Versant Joins Talks to Buy Vox Media's Podcast Unit
scoop w/@jtes: CNBC and MS Now parent Versant is among the companies in talks to acquire Vox Media's podcast biz https://t.co/sWkoNWwPEH
Novartis Acquires Excellergy to Secure Xolair Successor
Novartis targets Xolair successor in buyout of startup Excellergy https://t.co/eGYQ2AxTd5 by @gwendolynawu $NVS $RHHBY #startups #biotech
Fixed Costs Exist Whether You Buy or Start
Most businesses feature fixed expenses that need to be paid whether or not they serve a customer. Buying vs Starting a Business https://t.co/W5E0qQGk0q https://t.co/aAKERkVobl
Investors Prefer Repeat Sponsor Deals, Building Holding Companies
Important to mention that most of their deals are independent sponsor deals, and most sponsors are not doing their first deal. So far, they’ve done ten deals, and many investors on the platform are building holding companies themselves. (For example, one of...
Profit From the EBITDA Multiple Spread in M&A
M&A basics nobody teaches you: – buy at 3–5x EBITDA – combine into platform – sell at 10–12x – personal capital: $0 the spread between those two multiples is the entire game
Sunway's 387% Surge Beats IJM's 9% Loss
Sunway is showing IJM how to actually make money. A 387% return vs a 9% loss? This isn't just a merger; it's a rescue mission for your portfolio. Let’s break this down: 1. Sunway's 387% dominance. 2. IJM's wealth destruction. 3. The national champion play. 🧵👇🏼
No Asking Price? It’s Usually a Red Flag
What do I think about businesses for sale with NO asking price? You’ve probably seen them: “Make an offer.” Sounds intriguing… but it’s usually a red flag.
Sunway's 99.27% Win Clears Path for RM11B Deal
Sunway just crushed the IJM vote with a massive 99.27% win and the MACC finally got off their back. Is this RM11 billion deal unstoppable now? (Save this for later) 1. Shareholders aren't blinking. 2. The MACC drama is over. 3. Take it...
Vetted $16M HVAC Roll‑Up Offers 30% IRR
"I strongly believe there are many high net worth people in finance (IB, hedge fund, PE, etc) who have a desire to allocate some money to LMM deals/roll-ups but don't feel like they have access to vetted deals." How about an...
Pernod Ricard Mulls Buying Jack Daniel’s Owner Amid Downturn
Bloomberg: "Pernod Ricard is exploring a potential acquisition of Brown-Forman, the owner of Jack Daniel’s whiskey, as alcoholic drink companies look at ways to consolidate amid an industry downturn, people familiar with the matter said. They have held some initial...
Private Markets Igniting: Misconceptions Mask Looming Liquidity Risk
Lloyd Blankfein to Bloomberg about "fire" risk in private markets: "At some point there needs to be a forcing function or a reckoning that causes you to come to grips with what your balance sheet really is worth...The analogy I...
WBD Schedules Shareholder Vote on Paramount‑Skydance Merger
Warner Bros. Discovery Sets Date for Shareholder Vote on Paramount Skydance Merger https://t.co/V3ENTx7eTr via @variety
Read This Acquisition Guide Early to Avoid Heartache
This book has a few too many TLAs (three letter acronyms) but it also contains valuable street wisdom in thinking about selling your company. Read it now, years before you want to sell, and save yourself time and heartache. Magic...
Act First, Not Later: Predictive Intelligence Beats Delayed Data
The problem isn’t just data, it’s timing. By the time info surfaces, the opportunity has already shifted. Crunchbase defined predictive intelligence, powered by proprietary signals to help teams act first, not react later. What’s the biggest gap in your private market data?
Low Retention, High Burn = No $50M Valuation
I talk to delusional Series A founders every day. So now, I just tell them this. If your company does under $10M ARR, burns over $200k/mo, and has low Gross Retention…you are not worth $50-100M to anyone. Doesn't matter what your...
Lockdown Forces Closures; Giants Snap up Firms Cheap
Govt announces a lockdown businesses start shutting down and then the big boys buy them out at a 90% discount. Happening?
Use Non‑binding Term Sheets to Negotiate without Lawyers
The whole point of using a non-binding offer or ‘term sheet’ is that during the negotiation process you may go back and forth several times and you don’t want to be doing this via a lawyer. - How to...
Brookfield Leads $9B Deal as M&A Spree Continues
Today's M&A notes $BLX.to to be acquired by Brookfield / La Caisse for $37.25 cash per share, 31.8% premium, $9.0 billion $TERN to be acquired by MRK for $53.00 cash per share, 6.0% premium, $5.7 billion $JHG / Trian bumped bid by 6.1%...
Corporate Mafia Hijacks NexG, Recovery Restores Control
Deep-dive into PMX’s Proxy War 1. The Setup: Victor Chin joins NexG help diversify company that secures billions in govt contracts. 2. The Attack: Oct 2025, "Corporate Mafia" group raids NexG to hijack control. 3. The Tactic: "AMLA Code of Takeover" to freeze...
Acquire Niche Market Leaders, Not Just Many Deals
One observation stood out from my notes on the Swedish event, where more than 35 serial acquirers shared their portfolio companies, capital allocation frameworks, and long-term acquisition strategies: The deepest edge in acquisition entrepreneurship is not buying a lot of companies. It...
Multiple Acquisitions Outpace Single‑business Grind for Massive Exits
while you’re spending 30 years grinding one business to sell it for 4x… someone else is acquiring 16 businesses in 7 years and exiting the entire platform at 10x.
Mid‑Market Players May Challenge SAP, Oracle in $600B M&A
With M&A potentially hitting $600B in 2026, will SAP and Oracle be the big buyers, or will new mid-market players emerge? While some startups may go public, giants like Microsoft seem less at risk due to their AI investments. ...
Master Seller Financing: Close Deals Your Way
The 100% Seller Finance Masterclass (How I prefer to close deals) Watch The Whole Thing & Subscribe https://youtu.be/DLQpmKqi2KU?si=DTFJWU458HOy85lO
Victory Capital Abandons Janus Deal over Committee Opposition
Victory Capital has pulled out of Janus acquisition after not getting support from Janus’ “special committee” https://t.co/VSWcoMUQal
Dominating Tiny Niches Yields Premium Valuation
This niche holding company is trading at roughly 65x earnings (2025 numbers: $234M in net sales and $38M in EBITA). It focuses exclusively on acquiring and developing industrial and service businesses in narrow market niches. Its acquisition criteria are highly disciplined... it...
AI Era Sparks Surge in PE Property Deals
Sign of the (AI?) times: Currently receiving ~3 emails per week from PE trying to buy our property management business
Private‑Market Panic Unfounded, Says Alisa Wood
“Something we think about a lot, is this a market where if someone sneezes, everybody catches a cold?” Fun and timely chat with Alisa Wood @kkr, who thinks no. “Bring it on,” she says of current private-markets panic https://t.co/SgyyExco57
Apollo’s Vehicles Built to Absorb 5% Quarterly Redemptions
More color on today’s news via Apollo CEO: “Vehicles are designed to redeem 5% per quarter,” ceo Marc Rowan tells me. “For us, we raised approximately $750m of new money this quarter and redeemed $750 m (5%) with some amount...
From Family Firm to CRE Giant, 4,500% Return
He turned a family real estate business into the largest U.S. publicly traded commercial real estate company, delivering 4,500% total return for shareholders since IPO.
Ascender and Maven Letters Prompt Bain to Extend Offer
MCJ (6670 JP) - the Letters from Ascender Capital and Maven Capital appear to have had something of an effect. Bain extended the TOB today. They would not extend if they had reached the minimum. I wrote about this on...
Running a Business Is Hard, Buying Easy—People Misunderstand
operators: you know how to run a business that's the hard part buying one with no money down is the easy part most people have it backwards
OpenAI Boosts Private‑Equity Offer in Enterprise War with Anthropic
Exclusive: OpenAI sweetens private equity pitch amid enterprise turf war with Anthropic, sources say https://t.co/ZcUhtQFcMj
Master the Big Picture, Accelerate Your Rise
After college I joined a $500MM+ AUM real estate private equity firm. Within just 2 years, I became a junior partner I won't deny luck played a part, but I'd like to think there was some skill involved as well Most important...
AI Blurs VC and PE Lines in Construction Deals
AI: Where VC converges with PE! Historically, outstanding venture capitalists invested in high-growth software. Top-quality private equity firms acquired companies. And the two strategies were distinct. Those two paths may be converging. @generalcatalyst just invested $13.8M to back KP Reddy to launch @ZeroRFI_...
OpenAI's 17.5% Guaranteed Return Claim Seems Dubious
I have trouble believing that OpenAI is offering PE firms a "guaranteed minimum return of 17.5%" on preferred shares. This is the rate offered by highly distressed firms or those in contentious bankruptcies - not a firm operating as a going...
Blueprint for Building a $15B J&J Acquisition Target
How do you build a company that $JNJ will buy for $15 billion? Listen here.
Identify Motivation Early to Avoid Wasting Deal Time
If this is missing, you’re all wasting time. The exact moment he admitted his motivation to do a real deal. https://t.co/qN0ZgLYOqF #SmallBusiness & Deal Making #SMB https://t.co/mdeKboGQdn
Yahoo's 2005 Acquisition of Flickr Marks Early Photo‑Sharing Takeover
#ThisDayInTechHistory. March 21, 2005. Yahoo announces that it will acquire the popular photo service Flickr. #Technology #Takeovers #History https://t.co/GxEp7H0Jm9
