Anthemos Georgiades. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. You are going to get a bunch of nos so I wouldnt rule people out too early. 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. 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. 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 M&A are strategic [33:48]. Vishal Makhijani President & COO. Like what have you seen that really works? Yeah. Got it. And so as you mature you look for a different kind of investor and that naturally tends to happen. How do you take a company with those tractions, 10 million in revenue. Anthemos Paul Georgiades has been associated with one company, according to public records. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Never thought Id be an entrepreneur. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. 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. 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. For every successful fundraise, every single company have a lot of nos. Yeah. And then when I moved out to America, Russel was software engineer at Google and I had no technical background so I basically hit up my network for anyone with a technical background living in the US who might be interested in joining and Russel and I really hit it off and he was the perfect cofounder. 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. It is ultimately the culture. Budget in my opinion perhaps should be allocated to something else. 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 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. It was always a man, there is a really tough problem that consumers experience and no one is solving it. 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. Alejandro: Got it. Yeah. 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. I think Id say forget everything you think you know and everything, your education [38:28]. 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? August 4, 2020. 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. 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. Not really actually. anthemos georgiades net worth Alejandro: So Im completely there with you. Great question. So tell me your story a little bit here, Anthemos. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Hes raising money now. Anthemos Georgiades: Yeah. Got it. June 12, 2022 . I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. 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]. Oh wow, good question. [06:54] the early days and it worked where there was just all hands to the pump. This show is about storytelling and all the elements that go into telling the perfect fundraising story. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. I mean your job moves from doing jobs in the first few years. How autonomous can people be at the junior levels? So today, we have another founder and another one that is quite successful in their own paths. But oh we must have had like 20 persons or 20 people say not now or later. Your second month you spend getting term sheets and documents signed. And so I finally just gave in and thought no one is going to build this. And were just a little earlier than obviously a public company so our gross is spikier. So yes, we have a great cap table. 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. Absolutely. 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? I mean your job moves from doing jobs in the first few years. 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. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. But theres no right answer in business. Anthemos Georgiades (Zumper) | Startup Grind Got it. Anthemos Georgiades: Yeah. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. Meaning hey, we send you a ton of leads this month that close in to leases. 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 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. 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. I love it. So how did you meet your cofounders? anthemos georgiades net worthperpetual futures binance. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. 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? 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. Prices can change quickly! 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. Got it. 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. 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. 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. Hello, everyone, to the DealMakers Show. 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. If you want me to do your fundraising for you, click here. 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. Russell Middleton Co-Founder. 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. 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 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? Well, Anthemos, it has been a pleasure to have you on the show. All of it is going to be important and it will come out at the right stage. How flat is the company? If you want me to help you with your fundraising, just book a call. 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. And so I wouldnt be too pressured. Meaning hey, we send you a ton of leads this month that close in to leases. And so I wouldnt be too pressured. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Anthemos Georgiades CEO and co-founder. It was always a man, there is a really tough problem that consumers experience and no one is solving it. 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. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. Anthemos Georgiades is the co-founder and CEO of Zumper. At college in the UK, Ive had like multiple [00:58] renting apartments. 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. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. So for the business, Anthemos, how much capital have you guys raised today? Alejandro: 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 today, we have another founder and another one that is quite successful in their own paths. How did you find these investors? I grew up in London. We both wanted to be entrepreneurs. Really good strategy to differentiate the demographics and were super happy with how it went down. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. 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. 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. 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. Alejandro: Got it. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. I think if you set these expectations from the very beginning that are super important. 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. 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. I mean I think at seed round its like an [26:02]. They are brilliant about. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. 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. A lot of it was completely bottom up. 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. A lot of business schools was how to make decisions with imperfect information. Anthemos Georgiades: Yeah. How many landlords did we have on the site? Your second month you spend getting term sheets and documents signed. Whats your story and most importantly, how did you get started with the entrepreneurial bug? It was not something Ive really ever thought about before. So M&A are strategic [33:48]. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. So I wouldnt be too picky early. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. I was just talking to a friend of mine about this. 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 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. 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 we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Alejandro: Got it. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. 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. I knew the CEO for a while. And as you know as and your listeners know, youre going to get a lot of nos on the way. It was not something Ive really ever thought about before. And at one point I just told one I just feel like I want to step on the egg and shoot the chicken because it was so repetitive. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. 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. Got it. Of course and I agree with you there, Anthemos. Your third month is getting kind of diligence done and getting the wires in to the door. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. 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. Anthemos Georgiades: No. anthemos georgiades net worth At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Got it. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. I knew the CEO for a while. You can filter down by city and . . Really, really nice to have you here and excited for the chat that we have ahead here. 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. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. It was like $46 million. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. There was no book [01:41]. 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. Like what have you seen that really works? Its just part of the game and it doesnt [24:30]. 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. Its not about the ski trips and any of that you know. Youre supposed to try six things that dont work. Get a custom action plan and all the help that you need to start raising more capital.
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