How flat is the company? I grew up in London. They wanted to close apartments like they book a hotel and so took the status of like 35 different apartments we leased using the technology in San Francisco to VCs and said, Hey, were really going to rebuild all of this but heres some data that shows this really can work at scale, and thats how we raised the first million dollars from some of the names that you mentioned. Because I speak with a ton of founders that are perhaps opening up the possibility of bringing on corporations and I think that you need to really do it right. Anthemos Georgiades: Hey, thanks for having me. Alejandro: Got it. Anthemos Georgiades: Yeah. Yeah. Youre right that is wrong advice. Got it. I didnt think that either of them originally. Anthemos Georgiades Current Workplace Zumper Location 555 Montgomery St Ste 1300, San Francisco, California, 94111, United States Industry Information Collection & Delivery, Media & Internet Description Discover more about Zumper Anthemos Georgiades Work Experience and Education Work Experience Manager, Summer Investment Atomico 2009-2010 So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. 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. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Got it. I was just talking to a friend of mine about this. So I think as your company matures, you look for investors that have something that you dont have and so for us, were not yet doing $100 million in revenue. Its a good question. Alejandro: Of course. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. If you want me to do your fundraising for you, click here. So I guess lets say we had the opportunity to put you in front of your younger self, Anthemos, in 2012 before you were to close that seed round, what would be that piece of advice that you would give to your younger self with everything that youve learned having this journey ahead of you? So we bought them. Got it. Hello, everyone, to the DealMakers Show. And then now your job at five, six years in with a team of a hundred with higher and amazing executive team who are all better at doing their jobs than you would ever be and so your job is almost as a CEO is to like hire yourself out of a job where you hire people, where you look at them and you think, Wow, I cant believe you report to me. Anthemos Georgiades is the co-founder and CEO of Zumper. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. Well help you prequalify renters and actually get the renter in to a lease, signing the documents, paying the first month deposit but well charge you a percentage of the lease fairly. Really good strategy to differentiate the demographics and were super happy with how it went down. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? 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? I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. No. 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? 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. Read More: Sujal Patel On Selling His First Business For $2.6 Billion And Now Raising $108 Million From Jeff Bezos And Others To Improve Medical Diagnostics. You just cant get spooked. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. It was not something Ive really ever thought about before. 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? Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. Anthemos Georgiades - San Francisco Business Times 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? 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. And so I didnt really think about it too often because this is kind of 15 years ago but then I moved to another six or seven times into an apartment rentals in London, in Boston, in New York and the process is so bad every time, not just in searching but also in actually like getting the apartment. I think if you set these expectations from the very beginning that are super important. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. Weve only been working with Axle Springer for four months now but they are fantastic. Everyone in Boston, everyone in New York were straight nos and [25:15] didnt get second meetings but then a month later we came to Silicon Valley and we found a much better product market set for the kind of investor who was prepared to come early and invest early and we got a lot of yeses very quickly. 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. I have no experience doing that. I didnt think that either of them originally. After that, it changed to more consumer. Got it. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. Anthemos Georgiades: Yeah. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? I grew up in London. Alejandro: Got it. 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. Got it. At college in the UK, Ive had like multiple [00:58] renting apartments. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Yeah, sure. Anthemos Georgiades: Yeah. Alejandro: Got it. Like many of our most successful entrepreneurs. Alejandro: Got it. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. In terms of investors, I guess two comments. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Alejandro: Got it. So tell me your story a little bit here, Anthemos. Thats quite motivating for people. 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? How autonomous can people be at the junior levels? 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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. A lot of that is in the bank. 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. Were growing very quickly but none of that was true obviously in the first two years. 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. 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]. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Anthemos Georgiades: Yeah. So Anthemos, whats the business model here? You can set the expectations and then see what happens and if its not a good fit upfront, you can go with the different option on the table. Well, first of all, your point about quashing the egg and shooting the chicken. So the series B, weve done story now look at how quickly the renters are growing on the platform. I mean to a point network gets you an intro but a lot of intros are 10 minute meetings where the VC immediately decides its not for them which is totally fair. So thats how Zumper got started. All of it is going to be important and it will come out at the right stage. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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. Alejandro: Got it. Really good strategy to differentiate the demographics and were super happy with how it went down. Got 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. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. He discovered that the marketplace doesnt work for renters, and the idea for Zumper was born with the goal of evening the playing field and increasing transparency in the marketplace. To give you odds, at the seed stage and the series A stage of growth cuts, all about supply side where a two sided marketplace chicken an egg, on day zero you have no renters and no landlords, how do you solve that? So tell me your story a little bit here, Anthemos. So in the first two years, Zumper is now [07:52] $90 million in capital. In the early days, youre going to need to take all the capital you can get. Anthemos Georgiades: Yeah. This pellet stove is a good heating solution for a smaller rather than a . Yeah. Anthemos Georgiades is the CEO and co-founder at Zumper. Weve only been working with Axle Springer for four months now but they are fantastic. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Anthemos Georgiades: Yeah. Search icon - dusa.perfecttrailer.de It has to be me and thats how I started the company six years ago after business school. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. Alejandro: Got it. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Budget in my opinion perhaps should be allocated to something else. 10 Things All Landlords Should Remember To Ensure Good Tenant - Forbes Im the CEO and Ive always felt that it was my responsibility to do the fundraising. We raised like a million dollars in seed money, that was running out so we tried various things that didnt work and I think the fabric of our culture that is still true today when we have a hundred people is built in the dark days and those days where your stuff is not working, your users arent growing, and how you look at your teammates and how you guys turn up on a Monday morning after a really crappy week the week before where maybe someone quit or maybe the metrics went south. Got it. I really enjoyed it and great stuff. In the early days you as the CEO you are the fundraiser, you are the effective CFO, youre the head of sales and you kind of have to do the whole thing. A lot of it was completely bottom up. Got it. Now my cofounders were phenomenal in bringing them to meetings. Your job is to raise capital and your job is to kind of hire and retain the best talents. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. 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? Zumper Board Member Related Hubs Yeah. anthemos georgiades net worth So you know I think Axle Springer very used to appraising companies that match their scale. But oh we must have had like 20 persons or 20 people say not now or later. 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. anthemos georgiades net worthperpetual futures binance. And the biggest change in the series C I just raised versus in the early days is having a CFO. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Well, Anthemos, it has been a pleasure to have you on the show. August 4, 2020. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? Anthemos Georgiades - CEO and co-founder - Crunchbase So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. And so I wouldnt be too pressured. 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. Every company is completely different and theres no gold standard. 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. And so I wouldnt be too pressured. 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. Rear mounted 3" standard exhaust port, and 2" standard air intake Exterior dimensions of unit are 24" wide, 26" deep, and 40" high with mounted controller. They were super lean team of under five people and its been a great deal for Zumper like we have one backend, one sales team and then two consumer platforms. It was not something Ive really ever thought about before. Alejandro: Got it. 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. rex harrison audrey hepburn relationship. 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. And investors love that story because its easy to believe that you can continue to do that. Its not about the ski trips and any of that you know. 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. And so I didnt really think about it too often because this is kind of 15 years ago but then I moved to another six or seven times into an apartment rentals in London, in Boston, in New York and the process is so bad every time, not just in searching but also in actually like getting the apartment. It happened but I wouldnt say its like an obvious part. I mean at the end of the day, building and scaling companies especially when youre at the early stages is all about survival and its all about learning to be with each other behind the trenches and really going to war and having each others backs. So that was great. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. 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. You kind of just all in [06:39] I think where the carving of the rose start to happen for me around 10, 12 people where you no longer just have [06:49]. 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. 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. With a diverse background that includes consulting for Boston Consulting Group and serving as Economic Advisor and speechwriter in the 2010 British Election, Anthemos founded Zumper in 2012 after his own terrible rental experience. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. Youll get terms sheets and yeses hopefully quicker than that but this process takes a while and as the money increases and a few rounds become more complicated, it can take more than three months as well. 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. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. 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. 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? In the early days you as the CEO you are the fundraiser, you are the effective CFO, youre the head of sales and you kind of have to do the whole thing. I think Id say forget everything you think you know and everything, your education [38:28]. comfortbilt pellet stove low temp alarm glendale, az police activity today; archer lodge middle school calendar. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. And were just a little earlier than obviously a public company so our gross is spikier. I dont think theres a startup I could have launched that taught me more. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. I mean to a point network gets you an intro but a lot of intros are 10 minute meetings where the VC immediately decides its not for them which is totally fair. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Hes raising money now. I was also doing, Ive been doing marketplaces for I think like 10 years now and I remember in the last company, I would go and meet with investors and they kept asking me for the chicken and the egg. One Lesson Led This Entrepreneur To Raise $90 Million From The - Forbes Your third month is getting kind of diligence done and getting the wires in to the door. 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. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. 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. We didnt go that route because I have the network but if I didnt have the network and some people have the network and still do it, they are really good cheap in to getting scaled quickly. Alejandro: Got it. Of course and I agree with you there, Anthemos. 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. 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? So I wouldnt be too picky early. Saying that, if you do have multiple term sheets the second point is of course, like before you get to liquidity, revenue is irrelevant and if revenue gets in the way of bringing either the consumer on to your platform or the supply side person on to your platform, you should not be trying to charge. And even though that sounds so obvious six years later, people just werent doing this in 2011, 2012 and we created a bunch of data that overwhelming shows the renters wanted to be applying for apartments from their phone. So lets talk about Zumper here. It was like $46 million. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Anthemos Georgiades on LinkedIn: Elevate Academy | Elevate Leadership And so I finally just gave in and thought no one is going to build this. We also actually had a really wonderful fourth cofounder whos no longer with us. Alejandro: Of course and I agree with you there, Anthemos. It was always a man, there is a really tough problem that consumers experience and no one is solving it. So I saw for example Axle Springer which is you know more kind of like the corporate. So M&A are strategic [33:48]. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. You just cant get spooked. For me, its Zumper, an apartment rental platform. . The second one is have a vision and a mission that people agree with and we all wanted to [37:13] this vision make renting an apartment as easy as booking a hotel. How many landlords did we have on the site? Thats quite motivating for people. "While many markets cool off during the winter, Miami is still posting month-over-month increases. Thats just part of the game. I mean I called it like a cheat [33:33] my team. It looks better for investors and it makes your life easier. 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. 2023: The Road Ahead for Multifamily Operators So Id say your first month you spend like getting first, second, third meeting. 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. Its hard. Likewise. 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. You can filter down by city and . So today, we have another founder and another one that is quite successful in their own paths. Like what have you seen that really works? Had worked in politics. Alejandro: Alrightee. Likewise. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. And your cap table I mean as I was reviewing I just felt as I was looking at the Oscars of Silicon Valley, the red carpet. Anthemos Georgiades is the co-founder and CEO of Zumper, the largest startup in the rental industry, used by more than 26 million renters last year alone. Yeah. 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. So it was never I want to be an entrepreneur journey. So thats how Zumper got started. So you acquire not long ago Pat Mapper and how did this come together? Anthemos Georgiades: Oh wow, good question. 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. For every successful fundraise, every single company have a lot of nos. Could you meet him? And so whereas that doesnt guarantee any success we obviously have to have really good numbers and a really good story to tell them. Got it. 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? They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. So Anthemos, theres always a first time and you know I guess this is the first time in the history of the DealMakers Show that Im able to interview someone that has been involve on the M&A but more on the buy side. 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. For every successful fundraise, every single company have a lot of nos. So we tell the small landlords, Hey, dont just advertise in Zumper. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. It was incredibly difficult. I love it. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Over time, its great to be able to bring in your team. Prices can change quickly! You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. How do you take a company with those tractions, 10 million in revenue. Get 5 free searches. That is where your focus is and even though you kind of missed doing some of the stuff and the weeds and my team continue to tell me to get away from the weed and continue to [36:12] the 50,000 set, you have to let it go and trust your team to do a better job than you were doing.
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