Summer, an innovative startup that provides short-term rentals and vacation home ownership founded by former Airbnb employees, has announced an $18 million funding round from a group of leading investors, including QED and Viola FinTech. They have also secured a debt facility of up to $50 million from Setpoint Capital. Notable contributors to the funding round include Lightspeed Venture Partners, 1Sharpe Ventures, CT Innovations, Alumni Ventures, Elizabeth Street Ventures, Merrimac Corporation, Gaingels, Firstminute Capital, and Not Boring Ventures.
Making Vacation Home Ownership Accessible
“Summer removes the barriers and risk around buying and owning a vacation home,” said Paul Kromidas, CEO and founder of Summer. He added, “With this fundraise, we’ll be expanding nationally, enabling more customers than ever before to make a purchase that makes sense for them – a smart investment that they love to spend time in. I’m excited to lead Summer on its mission to democratize vacation home ownership.”
Advancing Technology and Expansion
Summer will use the new funding to speed up technological development, with a focus on improving proprietary acquisitions and the platform’s underwriting engine. The company will also invest in expanding into new markets to serve more prospective homeowners.
Support for Innovation
“Setpoint was founded to support innovators like Summer,” said Stuart Wall, CEO and co-founder of Setpoint. He stated, “Summer makes it possible for families to own and enjoy a second home, while simplifying the process of finding, furnishing, and renting. We’re excited to grow with Summer as they expand their innovative model nationwide.”
Testament to Innovation
The successful closure of this funding round in the challenging venture fundraising landscape in the U.S. is proof of Summer’s innovative business model. It highlights the company’s unique position in redefining homeownership for those seeking a second home. Summer’s commitment to providing more people with access to a second home aligns with its allocation of resources towards technological development and market expansion, benefiting new prospective homeowners and the industry.
Expanding Access to Second Homes
“Even during turbulent times, Americans remain committed to their long-term family goals,” noted Daniel Tsiddon, founder and general partner of Viola FinTech. He continued, “By reducing risk and minimizing the time needed, Summer provides Americans with the opportunity to select the type of home ownership that fits them best; Now Americans can cultivate an asset for the future while enjoying it today. Knowing Summer’s team, we are confident that in a few years’ time, Summer will reshape the non-primary home ownership to include audiences who are now cautious or timid of participating.”
Flexibility and Guidance
“Summer has a unique value proposition for families looking to buy a second home,” emphasized Frank Rotman, founding partner of QED Investors. He praised Summer for simplifying the process, guiding prospective buyers, and managing key rental work streams post-purchase. The flexibility offered by Summer’s product sets it apart in the market and resonates with home buyers.
Summer was founded in New York by Paul Kromidas and launched in 2022. It is on a mission to democratize vacation home ownership. The company has raised $30 million in equity funding to date from investors, including QED, Viola FinTech, Lightspeed Venture Partners, 1Sharpe Ventures, as well as various strategic and angel investors.
- Summer, an innovative vacation home ownership platform, secures $18 million in funding.
- Investors include QED, Viola FinTech, Lightspeed Venture Partners, and others.
- The company aims to simplify and make vacation home ownership accessible.
- Funds will be used for technological development and expanding into new markets.
- Summer’s success in fundraising during challenging times highlights its innovative approach.
- The platform offers flexibility and guidance for prospective buyers in the second home market.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.