Summer has recently announced a successful $18m funding round, bringing their total Series A capital raised to a mammoth $68m.
The investment into the firm, which is known for its innovative approach to short-term rentals and vacation home ownership, comes from a distinguished group of investors, including QED and Viola FinTech, along with a secured debt facility of up to $50m from Setpoint Capital.
The $18 million funding will be strategically utilised by Summer to accelerate technological development, particularly focusing on advancing proprietary acquisitions and enhancing the platform’s underwriting engine. Additionally, the company plans to invest in expanding into new markets, thereby increasing Summer’s pool of prospective homeowners served.
Noteworthy contributors to this successful funding round include Lightspeed Venture Partners, 1Sharpe Ventures, CT Innovations, Alumni Ventures, Elizabeth Street Ventures, Merrimac Corporation, Gaingels, Firstminute Capital, and Not Boring Ventures.
The closing of this funding round testifies to the strength of the US company’s unique business model, given the current unfavourable environment for venture fundraising across the nation.
The organisation was set up by a group of former Airbnb employees all of which are on a mission to open access to vacation homes by eliminating the headache and risk associated with buying.
Paul Kromidas, CEO and founder of Summer, said, “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.”
Daniel Tsiddon, founder and general partner of Viola FinTech, said, “Even during turbulent times, Americans remain committed to their long-term family goals. By reducing risk, and minimising 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.”
Stuart Wall, CEO and co-founder of Setpoint, said, “Setpoint was founded to support innovators like Summer. 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.”
Frank Rotman, founding partner of QED Investors, said, “Summer has a unique value proposition for families looking to buy a second home. 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.”
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