Summer, a NYC-based company pioneering a new approach to short-term rentals and vacation home ownership, raised $68M in funding.
The round consisted of a $18M Series A led by QED Investors and Viola FinTech, and a debt facility of up to $50M from Setpoint Capital. Lightspeed Venture Partners, 1Sharpe Ventures, CT Innovations, Alumni Ventures, Elizabeth Street Ventures, Merrimac Corporation, Gaingels, Firstminute Capital and Not Boring Ventures also participated for the round.
The company intends to use the funds to accelerate technological development, focusing on the advancement of proprietary acquisitions and the platform’s underwriting engine.
Founded in New York by Paul Kromidas and launched in 2022, Summer aims to provide people with access to a second home via 3 core services:
• Acquisition: the company helps people find a home that fits their needs and goals
• Design: the company designs the home, procure the materials, and onboard the property as a short term rental.
• Property Management: the company provides a full service management solution that includes marketing, guest communication, and vendor management.
FinSMEs
09/11/2023