Vacation rental startup from Airbnb alums raises $18M Series A

Summer, a startup that combines a rent-to-own program with short-term rentals, has raised $18 million in Series A funding and secured an additional debt facility of $50 million.

Two former Airbnb employees founded Summer in 2021 – CEO Paul Kromidas had been a product and strategy lead, and Woods Buckley, who had been in partnerships and was also vice president of operations at OYO and Landing. Buckley is no longer involved with Summer.

Along with traditional property management for existing homeowners, Summer offers “gradual ownership” options whereby it buys the home and its customers – what it calls “members” – make an initial payment of as little as 15% and then a monthly “membership” fee that is credited toward their stays at the property or any home in the Summer portfolio.

The latest funding was led by QED Investors and Viola FinTech with participation from Lightspeed Venture Partners, 1Sharpe Ventures and several others. The debt facility is from Setpoint Capital.

"Summer removes the barriers and risk around buying and owning a vacation home,” Kromidas said. 

“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.”

Along with market expansion, the company said the funding will be used to “accelerate technological development, focusing on the advancement of proprietary acquisitions and the platform’s underwriting engine.”

“Summer has a unique value proposition for families looking to buy a second home,” said Frank Rotman, founding partner of QED Investors. 

“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.”

Since its founding, Summer has raised $30 million.

Just last week, a venture led by Airbnb co-founder Joe Gebbia – Samara – raised $41 million in Series A funding.

*Correction: The original version of this article stated that Woods Buckley was still chief operating officer.