Summer Secures $68 Million in Series A Funding and Debt Facility to Transform Second Home Ownership

US-based real estate proptech startup, Summer, has successfully concluded a significant $68 million funding round, comprising an $18 million Series A funding and a secured debt facility of up to $50 million. The funding was spearheaded by QED Investors and Viola FinTech, with participation from several prominent investors, including Lightspeed, 1Sharpe Capital Ventures, Connecticut Innovations, Alumni Ventures, Elizabeth Street Ventures, Merrimac Corp, Gaingels, firstminute capital, and Not Boring. Setpoint Capital joined forces with Summer for the $50 million debt facility.

Summer, founded by CEO Paul Kromidas and COO Woods Buckley, both former Airbnb employees, has a vision to revolutionize second home ownership by simplifying the process. The platform allows potential homeowners to “try before they buy” and guarantees post-purchase income, reducing ownership costs and accelerating equity growth.

Paul Kromidas, the founder and CEO of Summer, expressed his excitement, saying, “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.”

Summer provides two main services: “Gradual ownership” and “Immediate ownership.” The former allows members to select a property from Summer’s portfolio or suggest listings that fit their criteria. Summer handles everything from submitting offers to managing paperwork, property design, and furnishings, or full property management, enabling members to earn booking credits and build home equity over time. The latter service involves submitting an offer for a Summer property and having Summer manage the entire process, from paperwork to property management.

Moreover, Summer offers “hands-off” property management services for those who already own a second home. The platform takes care of property management, listing on short-term rental platforms, social media marketing, and guest communication.

Summer employs data and analytics to help members predict rental revenue and discover their ideal property. With this latest funding, Summer is well-equipped to expand its services and make second home ownership more accessible and convenient for a broader audience. To date, the startup has raised approximately $30 million in total equity, setting the stage for transformative growth in the real estate proptech sector.