Summer Announces Combined $68M in Series A Round and Debt Facility to Innovate New Approach to Vacation Homeownership
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Summer completes an $18M Series A round led by QED Investors and Viola FinTech, and secures a debt facility of up to $50M from Setpoint Capital
NEW YORK, November 8, 2023-- Summer, an innovative approach to short-term rentals and vacation home ownership founded by former Airbnb employees, today announced an $18M funding round from a group of leading investors, including QED and Viola FinTech, as well as a secured debt facility of up to $50M from Setpoint Capital. Contributing investors for 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.
"Summer removes the barriers and risk around buying and owning a vacation home,” said Paul Kromidas, CEO and founder of Summer. “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."
Summer will use the new funding to accelerate technological development, focusing on the advancement of proprietary acquisitions and the platform’s underwriting engine. Additionally, the company will continue to invest in new market expansion, increasing Summer’s pool of prospective homeowners served.
“Setpoint was founded to support innovators like Summer,” said Stuart Wall, CEO and co-founder of Setpoint. “Summer makes it possible for families to own and enjoy a second home, while streamlining the process of finding, furnishing and renting. We’re excited to grow with Summer as they scale their innovative model nationwide.”
Given the current unfavorable environment for venture fundraising in the U.S., the close of this funding round is a testament to Summer’s innovative business model and how the company is uniquely positioned to carve a new path for homeowners seeking to own a second home. As Summer is on a mission to provide more people with access to a second home, resources allocated to advancing technological development and expanding into new markets will serve new prospective homeowners and impact the industry at large.
"Even during turbulent times, Americans remain committed to their long-term family goals,” said Daniel Tsiddon, founder and general partner of Viola FinTech. “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."
“Summer has a unique value proposition for families looking to buy a second home,” said Frank Rotman, founding partner of QED Investors. “They remove the unknowns and angst from the process by guiding prospective buyers through the process and managing the major rental work streams post-purchase. The flexibility of their product is unmatched in the market and home buyers love it.”
Summer is on a mission to open access to vacation homes by eliminating the headache and risk associated with buying. The company was founded in New York by Paul Kromidas and launched in 2022. To date, Summer has raised $30M in equity funding from investors including: QED, Viola FinTech, Lightspeed Venture Partners, 1Sharpe Ventures, as well as a number of strategic and angel investors. For more information about Summer, visit www.gosummer.com.