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,
“Summer removes the barriers and risk around buying and owning a vacation home. 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.”
Despite the current challenges in the U.S. venture fundraising landscape, Summer’s successful funding round attests to the strength of its unique business model. Stuart Wall, CEO and co-founder of Setpoint highlighted their support, stating,
“We’re excited to grow with Summer as they scale their innovative model nationwide.”
Summer’s successful funding round positions the company as a leader in reshaping vacation home ownership. Summer is not merely a disruptor but a transformative force in the industry. This funding promises a future where more families can seamlessly and joyfully own their slice of paradise.