Hello, everyone, to the DealMakers Show. So how did you meet your cofounders? Anthemos Georgiades: Yeah. Yeah, I mean BCG I think you get access to the 23 year olds CEOs who had been working for 40 years and kind of crazy in consulting you take the shortcut in your careers to being in the board room. And investors love that story because its easy to believe that you can continue to do that. 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? It happened but I wouldnt say its like an obvious part. 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. Anthemos Georgiades: No. 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. In terms of investors, I guess two comments. So Id say your first month you spend like getting first, second, third meeting. Thats just part of the game. Thats quite motivating for people. 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. Anthemos Georgiades: Yeah. So thats how Zumper got started. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. 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 email address is 100% safe from spam! 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. Absolutely. Its hard. It just really helps to divide and conquer like that while I was meeting new investors again. Were growing very quickly but none of that was true obviously in the first two years. 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. Youre supposed to try six things that dont work. Had worked at the Boston Consulting Group. It happened but I wouldnt say its like an obvious part. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. Got it. It was incredibly difficult. So you still have to land it and once youre on the door it doesnt matter where you come from you have to have something good. So for the business, Anthemos, how much capital have you guys raised today? So all good companies have multiple offers on the table. You just cant get spooked. Anthemos Georgiades: Yeah, sure. 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]. anthemos georgiades net worthperpetual futures binance. Got it. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Alejandro: Of course. 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. "These markets had a huge net migration from New York and California, and they have held up," he says. How do you take a company with those tractions, 10 million in revenue. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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. Anthemos and Russell met in London while working at a consulting company back in 2006, but it was after they moved to the U.S and experienced the pain of finding a place to live that they decided to found Zumper along with Taylor Glass-Moore and Leah Jones. Youre right that is wrong advice. 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]. Got it. The company was incorporated in California, Texas, and Florida ten years ago. 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. 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. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Got it. It was always a man, there is a really tough problem that consumers experience and no one is solving it. You know its interesting that you mentioned the chicken and the egg. Anthemos Georgiades: Its part of the game. anthemos georgiades net worth. Anthemos Georgiades: Yeah. Every company is completely different and theres no gold standard. 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. Two sided marketplaces are so difficult. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. 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. 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. Anthemos Georgiades: Yeah. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. Meaning hey, we send you a ton of leads this month that close in to leases. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Budget in my opinion perhaps should be allocated to something else. How do you take a company with those tractions, 10 million in revenue. 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. And then my other cofounder Kurt Taylor I met through his mother who was an [04:43] and it was another example of just pure hustle. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. In the early days we love the exposure to Silicon Valley investors. His passion for relieving the stress for others in . 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. It seemed crazy that the real estate industry wasnt moving towards on demand. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. Well, today's guest noticed that experience and wanted to improve 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. 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. Georgiades founded Zumper after his own . I mean I called it like a cheat [33:33] my team. 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. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. Anthemos Georgiades. Anthemos Georgiades: Yeah. We also actually had a really wonderful fourth cofounder whos no longer with us. 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 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. 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. Its hard. Im so glad I did it. 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. You just cant get spooked. 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. What are some tips for successfully navigating the rental market from a renter's perspective? Vishal Makhijani President & COO. Got it. Got it. Meaning hey, we send you a ton of leads this month that close in to leases. 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. Anthemos Georgiades: Oh wow, good question. So you acquire not long ago Pat Mapper and how did this come together? They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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 I kind of looked through in Crunchbase which connections I have into which fund. Your job as the CEO and the founder is to convince your investors of the reason to do this. 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. Yeah. 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? I mean I think at seed round its like an [26:02]. It is not suppose to be easy. 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 say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. I mean your job moves from doing jobs in the first few years. 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. Got it. So how did you meet your cofounders? 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. Over time, its great to be able to bring in your team. 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. 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. I think Id say forget everything you think you know and everything, your education [38:28]. Oh wow, good question. 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. 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. And frankly, the process is a pain in the ass. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. So today, we have another founder and another one that is quite successful in their own paths. It was at the time Pat Mapper example almost the same size on consumer but now Zumper is much bigger but we called it like a cheat and your job as the founder is to identify like vertical cheats where overnight you become bigger than your competitors. hendrick motorsports hats; anthemos georgiades net worth Were incredibly grateful for everything she did and she remains kind of shareholder in the company. 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]. You know marketplaces and liquidity is king like you were pointing to finding what you need in the shortest period of time because otherwise theyre going to go elsewhere. Think Masterclass for Management. Your third month is getting kind of diligence done and getting the wires in to the door. Alejandro: Got it. How much respect is there? 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. Were growing very quickly but none of that was true obviously in the first two years. Yeah, sure. As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Yeah. Retention is something I think about every day. 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. 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. 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. 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. So we bought them. 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. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. Shalin Amin Chief Experience Officer. Had worked in politics. I really enjoyed it and great stuff. Alejandro: Got it. Im so glad I did it. It looks better for investors and it makes your life easier. 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. 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. A lot of that is in the bank. Got it. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. If you want me to do your fundraising for you, click here. 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. He was with HBS 10 years ago. Its a Greek name, British accent. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. And the biggest change in the series C I just raised versus in the early days is having a CFO. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. 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. Great question. He was with HBS 10 years ago. So you know I think Axle Springer very used to appraising companies that match their scale. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. 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. 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. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. 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? Got it. 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. 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]. 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. 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. Got 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. So it was never I want to be an entrepreneur journey. When you look your cofounders, your team in the eye and you know theyre ready to go and theyre resilient and they come back in to build and try the next thing and youve kind of worked out together this is part of the game.
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