It just really helps to divide and conquer like that while I was meeting new investors again. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. Anthemos Georgiades: Yeah. Got it. Saying that, in the early days you kind of need to bring on all the capital that you can. Alejandro: Got it. In the early days, youre going to need to take all the capital you can get. It looks better for investors and it makes your life easier. But I will say the one thing is true is that you always raise on momentum. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles So thats how Zumper got started. 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. 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? Alejandro: So I guess like I have one thing to follow up on this. 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. Got it. At college in the UK, Ive had like multiple [00:58] renting apartments. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. hendrick motorsports hats; anthemos georgiades net worth A lot of business schools was how to make decisions with imperfect information. It is ultimately the culture. So it doesnt always work out and I think thats fine. So you know I think Axle Springer very used to appraising companies that match their scale. He was with HBS 10 years ago. A lot of that is in the bank. Shalin Amin Chief Experience Officer. 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. Retention is something I think about every day. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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? It is ultimately the culture. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. Had worked at the Boston Consulting Group. 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. So that was great. It is not suppose to be easy. 1. 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 I wouldnt be too picky early. I was just talking to a friend of mine about this. So you kind of just have to [25:29] but just to be clear yeah, we had far more nos than yeses at the seed round. And so I finally just gave in and thought no one is going to build this. Anthemos Georgiades: Yeah. Weve only been working with Axle Springer for four months now but they are fantastic. Got it. Got it. glendale, az police activity today; archer lodge middle school calendar. I mean I think at seed round its like an [26:02]. I didnt think that either of them originally. 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. [06:54] the early days and it worked where there was just all hands to the pump. And so I wouldnt be too pressured. Youre right that is wrong advice. Anthemos Georgiades: Yeah. 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. Yeah. 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. 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. Like many of our most successful entrepreneurs. They are brilliant about. 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. 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. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. It was like $46 million. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Alejandro: Got it. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. I kind of looked through in Crunchbase which connections I have into which fund. How many listings do we have on the site? 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. 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. Anthemos Georgiades: Yeah. All photos courtesy of Forbes Councils members. 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]. Zumper Board Member Related Hubs It looks better for investors and it makes your life easier. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Never thought Id be an entrepreneur. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. . Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. So M&A are strategic [33:48]. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Youre supposed to try six things that dont work. Got it. 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. 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. Were growing very quickly but none of that was true obviously in the first two years. Weve only been working with Axle Springer for four months now but they are fantastic. How do you take a company with those tractions, 10 million in revenue. Its not about the ski trips and any of that you know. All of it is going to be important and it will come out at the right stage. You are going to get a bunch of nos so I wouldnt rule people out too early. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Hes raising money now. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Really good strategy to differentiate the demographics and were super happy with how it went down. Yeah. Theres never like an exact number you need like when Uber raised money or you know Zillow raised money, theres never like a number they have to be at. And so as you mature you look for a different kind of investor and that naturally tends to happen. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Whats your story and most importantly, how did you get started with the entrepreneurial bug? So thats how Zumper got started. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. anthemos georgiades net worth. Anthemos Georgiades: Yeah. 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. 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. In many instances, really acquisitions are great to either feel growth on the company itself, either on the product or perhaps by adding a great talent, but unfortunately many M&A transactions fail really on the integration side of things. Got it. 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. It has to be me and thats how I started the company six years ago after business school. Alejandro: 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? Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Thats quite motivating for people. Your email address is 100% safe from spam! How many landlords did we have on the site? Your job as the CEO and the founder is to convince your investors of the reason to do this. So what is the best way, Anthemos, for people that are listening to reach out and say hi? We also actually had a really wonderful fourth cofounder whos no longer with us. Anthemos Georgiades: Yeah. His passion for relieving the stress for others in . Anthemos lives in San Francisco, where Zumper is HQd, with his wife. Anthemos Georgiades: Yeah. 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. June 12, 2022 . Anthemos Georgiades is the CEO and co-founder at Zumper. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. 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? I think if you set these expectations from the very beginning that are super important. Township Of Ocean Police Department. Try for free at rocketreach.co 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. How autonomous can people be at the junior levels? Likewise. For me, its Zumper, an apartment rental platform. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Got it. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Thank you so much. 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. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. 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. At scale you get to do that and have those teams. We both wanted to be entrepreneurs. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Rocketreach finds email, phone & social media for 450M+ professionals. 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. 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. Your second month you spend getting term sheets and documents signed. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. 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. Great question. Its a good question. Alejandro: Got it. 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. Got it. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. You just cant get spooked. Got it. 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. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Alejandro: I love it. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Your job is to raise capital and your job is to kind of hire and retain the best talents. 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? The one unifying theme in every fundraising Ive run is momentum. Hes raising money now. Got it. In many instances, really acquisitions are great to either feel growth on the company itself, either on the product or perhaps by adding a great talent, but unfortunately many M&A transactions fail really on the integration side of things. Get a custom action plan and all the help that you need to start raising more capital. Its hard. 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. Alejandro: So Im completely there with you. 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. 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. Alejandro: Got it. 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. 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. I mean I think at seed round its like an [26:02]. I think just up front boundaries before you close the round is super important. In terms of investors, I guess two comments. Alejandro: Got it. You know its interesting that you mentioned the chicken and the egg. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Yeah. So we tell the small landlords, Hey, dont just advertise in Zumper. And we built this website using an outsource development shop in Europe that just tested one assumption of the end game which was can we get users in 2011, 2012 just as mobile was coming online to apply and close apartments from their phone. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. 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. 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]. [06:54] the early days and it worked where there was just all hands to the pump. Two sided marketplaces are so difficult. Whats your story and most importantly, how did you get started with the entrepreneurial bug? You know its interesting that you mentioned the chicken and the egg. It seemed crazy that the real estate industry wasnt moving towards on demand. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Georgiades founded Zumper after his own . Prices can change quickly! Likewise. How did you find these investors? It was not something Ive really ever thought about before. So the series B, weve done story now look at how quickly the renters are growing on the platform. 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. Got it. 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. Yeah. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Got it. 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. The company was incorporated in California, Texas, and Florida ten years ago. Got it. 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. 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? He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. 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. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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? I knew the CEO for a while. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. Thank you so much. 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. How flat is the company? 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. See How I Can Help You With Your Fundraising Efforts. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. In terms of investors, I guess two comments. A lot of business schools was how to make decisions with imperfect information. 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. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. For me, its Zumper, an apartment rental platform. All of it is going to be important and it will come out at the right stage. Got it. So we tell the small landlords, Hey, dont just advertise in Zumper. I knew the CEO for a while. Got it. 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? I really enjoyed it and great stuff. Hello, everyone, to the DealMakers Show. You look at your cofounders and you know that they understand that and that theyre not freaking out, that is where you build real institutional culture and then you try and grow that across the team. There could be investors who are fantastic. A lot of it was completely bottom up. 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. what was the premier league called before; Absolutely. 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 paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . It just really helps to divide and conquer like that while I was meeting new investors again. 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. 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.