The company also secured a substantial debt facility of up to $50 million from Setpoint Capital, marking a major milestone in their growth journey. The funding round saw contributions from a diverse group of investors including Lightspeed Venture Partners, 1Sharpe Ventures, and others, signaling strong confidence in Summer’s vision.
Founded by ex-Airbnb employee Paul Kromidas, Summer is redefining the approach to owning and managing vacation properties.
“Summer is here to break down the barriers and uncertainty that come with purchasing and owning a vacation home,” said Kromidas.
With the fresh capital, Summer aims to expand across the nation, offering more customers the opportunity to invest in properties that not only serve as a smart investment but also a place they cherish spending time in.
The newly acquired funds will be channeled into enhancing Summer’s technological framework, focusing on the refinement of its proprietary acquisitions and underwriting engine. The investment will also bolster the company’s expansion into new markets, extending its reach to an even wider pool of potential homeowners.
Stuart Wall of Setpoint Capital remarked on the synergy between the two companies, noting Summer’s unique proposition that simplifies the often complex process of buying, furnishing, and renting a second home.
Despite a challenging climate for venture fundraising in the U.S., Summer’s successful round is a testament to its innovative model and strategic position in the market.
Daniel Tsiddon of Viola FinTech commended Summer’s efforts in providing a risk-reduced pathway to home ownership that aligns with the long-term aspirations of American families. Similarly, Frank Rotman from QED Investors praised Summer for eliminating the uncertainties in purchasing a second home, offering unmatched flexibility and service to homebuyers.
Launched in 2022 by Paul Kromidas in New York, Summer’s mission is to democratize the ownership of vacation homes by simplifying the buying process. To date, the company has raised $30 million in equity funding and has drawn attention from a variety of strategic and angel investors for its innovative approach to non-primary home ownership.