Your job is to raise capital and your job is to kind of hire and retain the best talents. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Got it. I think Id say forget everything you think you know and everything, your education [38:28]. anthemos georgiades net worth; wedding max minghella wife; private beach airbnb california; antique english double barrel shotguns; tuscany faucet cartridge removal; primeweld cut 60 machine torch; glendale, az setback requirements. It was incredibly difficult. So our CFO is fantastic and what he was able to bring to the series C was real credibility where I meet the investors, get them excited about our vision and our story and then they spend hours with the CFO on the second or third meeting digesting our historical financial as were talking about where were headed. Alejandro: Of course. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Alejandro: Alrightee. At the end of the day though, whether its senior people, junior people, interns who we want to bring back is all under pinned by culture. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. It was always a man, there is a really tough problem that consumers experience and no one is solving it. Zumper - Contacts, Employees, Board Members, Advisors & Alumni - Crunchbase We envisioned a world in which a renter can find apartments, book in [tour 10:18], turn up the [10:21] and if they want to take the apartment pre-qualify, leave a deposit and book the apartment. Anthemos Georgiades: Yeah. So how did you meet your cofounders? Got it. Had worked in politics. Anthemos Georgiades email address & phone number - RocketReach Please subscribe to unlock this content. And the biggest change in the series C I just raised versus in the early days is having a CFO. We have like four people at the company for the first year or maybe five for the first year and so theres so much to do and theres so little time and few resources that you actually theres no real intellectual whiteboarding session that you do to carve out rose. Keeping good lines of communication open can solve many landlord/tenant problems. Got it. And for you I guess personally and professionally because I think they both come together, so how has your leadership and management skills changed over the time from leading the company of lets say four to ten folks initially to a company of over a hundred employees? You just cant get spooked. Of course and I agree with you there, Anthemos. . I learned more from you than you learned from me, and then your job as CEO is to do kind of two or three things, that is to continue to advance like the vision and the mission of the company and keep everything strategically aligned. Anthemos Georgiades is the co-founder and CEO of Zumper. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. Alejandro: And did you diversify this responsibility with the other cofounders or was there one of you guys that has always been leading the chart on the financing side? Your third month is getting kind of diligence done and getting the wires in to the door. So for Zumper our vision as I mentioned was to make renting an apartment as easy as booking a hotel and so instead of going in with just an idea, I built like a really crappy version of the end game that I wanted to build. This show is about storytelling and all the elements that go into telling the perfect fundraising story. Anthemos Georgiades: Its part of the game. At college in the UK, Ive had like multiple [00:58] renting apartments. So I learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. Anthemos Georgiades | Multifamily Executive Magazine It was always a man, there is a really tough problem that consumers experience and no one is solving it. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. Absolutely. Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. Got it. So we solved it to the first two years purely by getting landlords on board through various kind of product strategy and so our growth cuts for the first two years that we raised the [27:41] were purely about landlords and listing. Got it. Rocketreach finds email, phone & social media for 450M+ professionals. Anthemos Paul Georgiades has been associated with one company, according to public records. But I guess you were saying then here the shift, kind of like shifted more from like growth of users perhaps retention to more kind of like deep revenue growth. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Theyre both incredibly smart as are my executive team who are also like critical to fundraise where Ill go in and sell the vision often alone. We have like four people at the company for the first year or maybe five for the first year and so theres so much to do and theres so little time and few resources that you actually theres no real intellectual whiteboarding session that you do to carve out rose. At the end of the day though, whether its senior people, junior people, interns who we want to bring back is all under pinned by culture. And [14:42] in Silicon Valley is married to [graphics 14:43] mostly in terms of great companies just break out and succeed [agnostic 14:48] as to where people went to college or if they came from a wealthy or poor family. We envisioned a world in which a renter can find apartments, book in [tour 10:18], turn up the [10:21] and if they want to take the apartment pre-qualify, leave a deposit and book the apartment. Prior to his work at Zumper, Georgiades worked at the Boston . Georgiades founded Zumper after his own . I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. It looks better for investors and it makes your life easier. Look how quickly our revenue are scaling. One Lesson Led This Entrepreneur To Raise $90 Million From The - Forbes So cofounders are difficult especially if youre not technical as really hard to find a good technical cofounder but the great thing is once you do and it takes a long time, they are able to attract the next generation of talent in to the company and thats how you kind of build your engineering team out. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. So how did you meet your cofounders? For me, its Zumper, an apartment rental platform. So if the story has changed in a way that merits the focus of the company but what is consistent every single time weve raised is that for six months in a row, we had really, really quick growth. So you know I think Axle Springer very used to appraising companies that match their scale. It is your job not just to do the day to day but once or twice a year you should be doing stuff that has a completely linear outcome where one day youre doing you know 3 million users a month and the next day youre doing 5 million users a month. I think its easy not to set those expectations and get caught in the relationship where neither side is being clear on what they expect. Yeah. I think at that stage it makes sense. You know marketplaces and liquidity is king like you were pointing to finding what you need in the shortest period of time because otherwise theyre going to go elsewhere. Anthemos Georgiades: Yeah. Culture is everything and so investing in people making sure I as the CEO spend a lot of time as much as possible with people who dont report to me is absolutely critical and that is ultimately like the fabric on how most companies are run. So when you go in to a fundraising in terms of preparation the most important thing is that your last six months are great and your most important metrics are all growing really nicely so kind of five, six months in a row that is a fantastic story to tell to an investor. comfortbilt pellet stove low temp alarm If you dont have those connections, I think this is where like a lot of these accelerators and incubators, Y Combinator or Techstars or Launch are really good where you can apply. So we bought them. Alejandro: Got it. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. Its really built in the dark days of when stuff is really difficult and I think Zumpers culture now is we have a lot of users still remembers and its a testament to those dark days and we never take anything for granted. So I guess for a marketplace or lets say for the people that are listening to us like what kind of metrics do you think for the most part if were talking about hyper growth companies, like they should be a little bit more mindful about? Over time, its great to be able to bring in your team. And to be fair, some of these 20 did indeed come back later to invest but in Boston and I pitched all of the east coast investors first because I was on the east coast and they were straight nos. Thank you so much. When people ask me what Im most nervous about its how to keep our amazing team together, a couple of tactics and then one thing that really worked. Now we have supply so the six months curve at the series B was all about users and millions of monthly users and then at the series C it was much more revenue curve. And then my other cofounder Kurt Taylor I met through his mother who was an [04:43] and it was another example of just pure hustle. Every company is completely different and theres no gold standard. At series A, you got to show product market set in a sub vertical. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. And you know I think hiring is definitely tough but retaining is even more complicated so is there any things that you for example seen yourself that work on that front? Every company is completely different and theres no gold standard. I mean I called it like a cheat [33:33] my team. So I guess for those listeners that are looking at acquiring other companies to perhaps grow a little bit faster, what kind of advice would you give to them? ! So we tell the small landlords, Hey, dont just advertise in Zumper. So what I wanted to ask you here is in terms of on boarding lets say this type of, because its a different beast, you know type of investors so how does the approach from evaluating an investor that is a VC, an angel or an angel group shift towards evaluating a potential strategic corporation that is looking to become part of your cap table? And we were talking about the $46 million round which was the C round, C as in cat and basically what you were talking about I mean what Ive seen is that you guys have shifted a little bit the strategy. So we have several million users using our platform every month now which is great and next year we wanted tens of millions of users a month and were poised to doing that. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. You rarely have enough data to make the absolutely correct decision and I think a lot of businesses fail especially start ups when they dont make decisions fast enough and in business schools, the case study methods taught me how to feel confident in making decisions without perfect information and how to use data to kind of then review once youve launched, whether it was right or wrong. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. Were very clear with Axle Springer that we have a lot of consumer scale so a lot of people use our platform on a monthly basis but were still building the [21:55]. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. You just cant get spooked. Make sure tenants understand why things are . Anthemos Georgiades: Oh yeah, on the seed round back in 2012, we had probably five investors come in to the seed round so we kind of had five yeses who put in small checks. Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. Weve only been working with Axle Springer for four months now but they are fantastic. The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. What's in Store for Multifamily Markets in 2023? Alejandro: I love it. Its so hard to get marketplaces liquidity so correct, the beautiful thing as you know is when you have it, it took us three years to get to that, it just runs and you just grow naturally when you have both sides but its so hard to get to it. The most important thing is to surround yourself with an amazing support group because it is so much harder to build a company than I thought it was and the emotional resilience you need to get through the dark days and come back to the bright days even now is what [38:54] just get harder like yeah, we have more revenue now but with that there are people [38:58] and like huge revenue targets we have to attain and so the most important thing is surround yourself with a network of family, friends, mentors, peers, your team, your investors, whoever is an emotional crutch for you where you can take from them but also maybe get back to them as well when theyre having a tough time, thats the single most important thing is look after your mental health because it is lonely and it is stressful and if youre able to kind of be resilient you have a great outcome but it is really hard on some days to push through, so build that around just [39:35] and you can be happy while running your company. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. I was really impressed when because its not hard, its almost impossible to land VC such as Kleiner Perkins on literally your first financing round, the seed round. At series B, you got to show product market set across the board with the revenue and then at series C, you got to show real traction and real revenue and a proper P&L. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Youre right that is wrong advice. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. Got it. I grew up in London. Yeah. Anthemos Georgiades: Yeah. [06:54] the early days and it worked where there was just all hands to the pump. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Yeah. How autonomous can people be at the junior levels? Saying that, I have connections through both business school and previous people that have gone through BCG venture capital and most of your listeners and entrepreneurs will know so much of this is about like getting warm introductions to VCs so I did have a couple of cheats to get in through the network or through the BCG network. At series B, you got to show product market set across the board with the revenue and then at series C, you got to show real traction and real revenue and a proper P&L. "These markets had a huge net migration from New York and California, and they have held up," he says. His passion for relieving the stress for others in . Got it. It was just purely hustling my network for six months to find people who are really great cultural fit but also have very different skill sets to the one I have. We both wanted to be entrepreneurs. Anthemos Georgiades: Yeah. It is not suppose to be easy. But oh we must have had like 20 persons or 20 people say not now or later. So it doesnt always work out and I think thats fine. So M&A are strategic [33:48]. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Alejandro: So I guess like I have one thing to follow up on this. Hes raising money now. How flat is the company? 77% of you were interested in a @zumper flex living pass 1.5 yrs ago Since then we - Added 500K+ flex listings - Launched a search UX for flex rentals We're now launching an MVP of Zumper Pass - a one & done subscription. Really good strategy to differentiate the demographics and were super happy with how it went down. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. Great question. We saw it would take three to six months to integrate Pat Mapper and their backend that engineering project we worked really hard and quickly just over a year to integrate so we underestimated like how much work was required to integrate them by 3x. And I mean its quite a few cofounders. Anthemos Georgiades: Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Thats your job. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Of course. And it is the culture that keeps people here, not the compensation or anything else. Im so glad I did it. Anthemos Georgiades - CEO and co-founder - Crunchbase So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. I guess the question that I would ask you and perhaps some advice for some of those that are listening, that are building a business that is more around the network effects, the marketplaces, should they walk the other way if the investor is asking too much about revenue early on on the financing cycles? And I mean its quite a few cofounders. It is not closely married to [14:55] and thats where its still on [14:58] I think Silicon Valley has a long way to go where when I got my first introductions to VCs to Kleiner, to Andreseen, to Graylock, to NEA, it often came through my graduate school network where someone was like, Hey, this guy is leaving HBS. Got it. But oh we must have had like 20 persons or 20 people say not now or later. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. Anthemos Georgiades, Author at The Zumper Blog They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Retention is something I think about every day. A lot of that is in the bank. And it was just [22:11] during the process that its a startup, were at growth stage but not to expect to be able to predict our courses like that public company again. So for the business, Anthemos, how much capital have you guys raised today? Got it. I think just up front boundaries before you close the round is super important. I knew the CEO for a while. Its not about the ski trips and any of that you know. Whats your story and most importantly, how did you get started with the entrepreneurial bug? So I guess for a marketplace or lets say for the people that are listening to us like what kind of metrics do you think for the most part if were talking about hyper growth companies, like they should be a little bit more mindful about? Im the CEO and Ive always felt that it was my responsibility to do the fundraising. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. You are going to get a bunch of nos so I wouldnt rule people out too early. So I guess in just to like follow up on that, what in your mind and obviously in what youve seen creates really that magical relationship between cofounders? Youre supposed to try six things that dont work. Obviously they knew and I think for us it was like telling Axle and the rest of our investors that there are going to be months where we massively beat plans and there will be months where were behind plans. Anthemos Georgiades. So if the story has changed in a way that merits the focus of the company but what is consistent every single time weve raised is that for six months in a row, we had really, really quick growth. Hello, everyone, to the DealMakers Show. And talking about hustling the network, was there any because I mean those networks that you have I think the network of Harvard is really fantastic and then you know the BCG as well but is there like any process that you followed to really like leverage the network? So what was that process like you were talking about, yes, your network of Harvard but can you share with us like what was that process of landing Kleiner on your seed round? So watching board members from the early investments are [19:38] who now runs Good Water but was originally Kleiner and then Eric [19:42] from Kleiner and theyre both experts at product market set. And then at business school, I think the single biggest thing I learned through the case study method which is how they teach it at Harvard Business School but I think its true. Yeah. We love our investors. I met Russel who [04:01] engineering products through just the personal connections in London. It just really helps to divide and conquer like that while I was meeting new investors again. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. There could be investors who are fantastic. And so back to your point, yes, we want investors who are supportive of the fact that we didnt try to monetize the platform for the first three years because it would have created a barrier to entry. Really good strategy to differentiate the demographics and were super happy with how it went down. I have no experience doing that. One is I wouldnt be too pressured about it too early. Thank you so much. Over-Communication.
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