Think Masterclass for Management. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. 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. At scale you get to do that and have those teams. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. So I wouldnt be too picky early. I met Russel who [04:01] engineering products through just the personal connections in London. Look how quickly our revenue are scaling. 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. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Alejandro: Got it and before we actually dive in to the journey here, so consulting and business school, this is a few things that I typically hear so from some of our other guests. Your second month you spend getting term sheets and documents signed. 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? 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? Whats your story and most importantly, how did you get started with the entrepreneurial bug? I love it. Unluckily weve made some phenomenal early hires so the company that have all scaled to leadership roles, thats fantastic for retention because those people know that we could have hired from outside but we bet on them and it worked and so Zumper is a place to build theyre career not somewhere else. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. 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. Got it. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. Hes raising money now. Had worked at the Boston Consulting Group. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. So M&A are strategic [33:48]. Anthemos Georgiades: Yeah. I think at that stage it makes sense. Of course. And were they like obviously now youre opening here the cap table to a different breed and I guess when that happen probably at a strategic level lets say from a board perspective or something you know, maybe you receive some type of recommendations whether it was with this corporation or with other corporations as to what perhaps to look for and what to avoid. 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. And I mean its quite a few cofounders. Yeah, sure. Youre supposed to try six things that dont work. But I will say the one thing is true is that you always raise on momentum. 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? anthemos georgiades net worth He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. Your job is to raise capital and your job is to kind of hire and retain the best talents. Anthemos Georgiades Email & Phone Number - Zumper | ZoomInfo 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. So the series B, weve done story now look at how quickly the renters are growing on the platform. I dont think theres a startup I could have launched that taught me more. Weve only been working with Axle Springer for four months now but they are fantastic. 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. Well, first of all, your point about quashing the egg and shooting the chicken. We love our investors. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. Anthemos Georgiades CEO at Zumper United States 4K followers 500+ connections Join to view profile Zumper Harvard Business School Websites Websites Company Website http://www.zumper.com Company. 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. Of course. Alejandro: Got it. So I think three months is an efficient round. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. 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. For me, its Zumper, an apartment rental platform. I think just up front boundaries before you close the round is super important. You are going to get a bunch of nos so I wouldnt rule people out too early. How flat is the company? How do you scale like 20 million in revenue to 200 million in revenue and we didnt need the more product set investors because we already have fantastic people at that. They take every, some people go and warm theirif you have a brilliant idea, theyd be crazy not to take it and then their entire value is obviously give you a three month program and then at the end expose you to liek 40 investors. 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. You are going to get a bunch of nos so I wouldnt rule people out too early. E1031 Zumper CEO Anthemos Georgiades on monetizing - YouTube In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. 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. I didnt think that either of them originally. It looks better for investors and it makes your life easier. It was not something Ive really ever thought about before. It has to be me and thats how I started the company six years ago after business school. And so just be prepared that however smart, however many smart people have looked the deal and thought about whether it will work, it always take a little bit more time than you think it will to integrate because theres always some gremlin kind of hiding in the works that youre going to find. It was always a man, there is a really tough problem that consumers experience and no one is solving it. And it is the culture that keeps people here, not the compensation or anything else. Anthemos Georgiades | Multifamily Executive Magazine He was with HBS 10 years ago. 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. 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. Likewise. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Youre exactly right. 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? Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Got it. 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. It was not something Ive really ever thought about before. 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 paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. Get 5 free searches. We love our investors. 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. 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. Got it. Alejandro: Got it. 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. 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. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. 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. 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? 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 on LinkedIn: Elevate Academy | Elevate Leadership Never thought Id be an entrepreneur. If you want me to do your fundraising for you, click here. So lets talk about Zumper here. 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. Anthemos Georgiades: Yeah. I mean I think at seed round its like an [26:02]. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Anthemos Georgiades: Yeah. 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. He runs all the background of operation and he came from the real estate industry, two completely different background and neither of them was an obvious pick when I started the company at grad school. 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? It is ultimately the culture. Hes raising money now. So you acquire not long ago Pat Mapper and how did this come together? Anthemos Georgiades: Yeah. 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. Its a Greek name, British accent. So lets talk about Zumper here. You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. Alejandro: Of course. 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. I mean your job moves from doing jobs in the first few years. Got it. I really enjoyed it and great stuff. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. It seemed crazy that the real estate industry wasnt moving towards on demand. Got it. 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. 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. So today, we have another founder and another one that is quite successful in their own paths. Anthemos Paul Georgiades has been associated with one company, according to public records. 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. Pat Mapper caters to 25 and under and kind of big college populations. It was incredibly difficult. Your job is to raise capital and your job is to kind of hire and retain the best talents. @zumper Stories Uncategorized If you guys are Zumper website, you can kind of kind at zumper.com the Contact Us or on Twitter I am just @anthemos, A-N-T-H-E-M-O-S on Twitter and yeah, I respond to people. And were just a little earlier than obviously a public company so our gross is spikier. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. 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? 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. Saying that, in the early days you kind of need to bring on all the capital that you can. Really, really nice to have you here and excited for the chat that we have ahead here. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Its hard. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. So I saw for example Axle Springer which is you know more kind of like the corporate. 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. In the early days we love the exposure to Silicon Valley investors. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. 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. And so I wouldnt be too pressured. So we tell the small landlords, Hey, dont just advertise in Zumper. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Prices can change quickly! Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Its hard. anthemos georgiades net worthperpetual futures binance. Got it. 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. A lot of business schools was how to make decisions with imperfect information. 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. Over-Communication. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? It was incredibly difficult. A lot of it was completely bottom up. Absolutely. They are brilliant about. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The Top Venture Capital Firms by Alejandro Cremades Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. See How I Can Help You With Your Fundraising Efforts. 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. What are some tips for successfully navigating the rental market from a renter's perspective? 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. 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. Anthemos Georgiades: Oh wow, good question. 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. Anthemos Georgiades On Building A Marketplace That Helps Millions of So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. At college in the UK, Ive had like multiple [00:58] renting apartments. There was no book [01:41]. Youre supposed to try six things that dont work. 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. It was like $46 million. 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. I was just talking to a friend of mine about this. 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 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? Got it. Look how quickly our revenue are scaling. So it was never I want to be an entrepreneur journey. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. But I will say the one thing is true is that you always raise on momentum. Alejandro: Got it. Please subscribe to unlock this content. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . Alejandro: I love it. Zumper Board Member Related Hubs Alejandro: Got it. 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. 1. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. How do you scale like 20 million in revenue to 200 million in revenue and we didnt need the more product set investors because we already have fantastic people at that. How do you take a company with those tractions, 10 million in revenue. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. Yeah. 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. I think Id say forget everything you think you know and everything, your education [38:28]. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. "While many markets cool off during the winter, Miami is still posting month-over-month increases. You know its interesting that you mentioned the chicken and the egg. Terms & Conditions! All photos courtesy of Forbes Councils members. Alejandro: Alrightee. How many landlords did we have on the site? Categories . Got it. Over time, its great to be able to bring in your team. At college in the UK, Ive had like multiple [00:58] renting apartments. So we tell the small landlords, Hey, dont just advertise in Zumper. How flat is the company? So that was great. 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. We also actually had a really wonderful fourth cofounder whos no longer with us. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? He was with HBS 10 years ago. 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. Zumper - Contacts, Employees, Board Members, Advisors & Alumni - Crunchbase Anthemos Georgiades, Zumper Inc: Profile and Biography 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. And so I finally just gave in and thought no one is going to build this. So M&A are strategic [33:48]. Alejandro: Got it. All of it is going to be important and it will come out at the right stage. 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. So how did you meet your cofounders? 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. 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. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Yeah. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Georgiades founded Zumper after his own . You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. So thats how Zumper got started. It is ultimately the culture. 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.
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