Farukh Kitchlew | Nov 29, 2023 | 0
Summer Secures $68M to Revolutionize Vacation Homeownership
Summer, founded in 2022 by former Airbnb employees, is making waves in the vacation home ownership sector. The company recently announced a groundbreaking combined Series A funding round. The startup secured a debt facility totaling an impressive $68 million. The funding comprises $18 million from leading investors, including QED and Viola FinTech, and a secured debt facility of up to $50 million from Setpoint Capital.
Summer plans to strategically allocate the funds. The focus is on accelerating technological development, particularly advancing proprietary acquisitions and enhancing the platform’s underwriting engine. Additionally, the company aims to extend its footprint into new markets, broadening the pool of prospective homeowners it serves. Paul Kromidas, CEO and founder of Summer, expressed enthusiasm about the expansion plans, stating,