They are brilliant about. 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. It is ultimately the culture. But oh we must have had like 20 persons or 20 people say not now or later. 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? One Lesson Led This Entrepreneur To Raise $90 Million From The - Forbes 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. Weve only been working with Axle Springer for four months now but they are fantastic. 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. I grew up in London. 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. Yeah. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Yeah. So all good companies have multiple offers on the table. 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. A lot of it was completely bottom up. So you know I think Axle Springer very used to appraising companies that match their scale. So I think three months is an efficient round. How do you take a company with those tractions, 10 million in revenue. 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. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. At scale you get to do that and have those teams. 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. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Taylor Glass-Moore Co-Founder. It looks better for investors and it makes your life easier. 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. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Anthemos Georgiades: Yeah. So you acquire not long ago Pat Mapper and how did this come together? So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Like many of our most successful entrepreneurs. Yeah, sure. 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. There could be investors who are fantastic. 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. And the biggest change in the series C I just raised versus in the early days is having a CFO. 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 happened but I wouldnt say its like an obvious part. For me, its Zumper, an apartment rental platform. Whats your story and most importantly, how did you get started with the entrepreneurial bug? 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. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Anthemos Georgiades: Hey, thanks for having me. 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. And in terms of preparation, Anthemos, how has the preparation like preparing before going to market to start engaging investors, how have you seen with your business, with Zumper, how have you seen that changed over time as the rounds were maturing? Likewise. Anthemos Georgiades: Yeah. Saying that, in the early days you kind of need to bring on all the capital that you can. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. 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. 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. So Id say your first month you spend like getting first, second, third meeting. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. Just enter your email below. So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Every company is completely different and theres no gold standard. 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. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Anthemos Georgiades: Yeah. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. I kind of looked through in Crunchbase which connections I have into which fund. Your email address is 100% safe from spam! Thank you so much. Member profile: Zumper's founders - Anthemos Georgiades and Russell Absolutely. The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. And I mean its quite a few cofounders. 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. 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. Thats quite motivating for people. 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. Anthemos Georgiades is the co-founder and CEO of Zumper. 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? 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Got it. hendrick motorsports hats; anthemos georgiades net worth After that, it changed to more consumer. I really enjoyed it and great stuff. 1. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Really, really nice to have you here and excited for the chat that we have ahead here. 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. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The So yes, we have a great cap table. 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. I mean to a point network gets you an intro but a lot of intros are 10 minute meetings where the VC immediately decides its not for them which is totally fair. So 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 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. 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? 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. Got it. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Youre exactly right. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. I have no experience doing that. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Got it. Yeah. Township Of Ocean Police Department. @zumper Stories Uncategorized 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. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. 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? 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. Got it. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. . So the series B, weve done story now look at how quickly the renters are growing on the platform. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. What are some tips for successfully navigating the rental market from a renter's perspective? 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. Anthemos Georgiades email address & phone number - RocketReach Yeah. Really good strategy to differentiate the demographics and were super happy with how it went down. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Its hard. So for the business, Anthemos, how much capital have you guys raised today? 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. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. 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. Now my cofounders were phenomenal in bringing them to meetings. Alejandro: Got it. I mean your job moves from doing jobs in the first few years. 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. It was incredibly difficult. Published by at June 13, 2022. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. 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. Like what have you seen that really works? 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. Anthemos Georgiades: Yeah. I have no experience doing that. In terms of investors, I guess two comments. 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. 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. Well, first of all, your point about quashing the egg and shooting the chicken. 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. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . Alejandro: So I guess in just to like follow up on that, what in your mind and obviously in what youve seen creates really that magical relationship between cofounders? 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. After that, it changed to more consumer. This show is about storytelling and all the elements that go into telling the perfect fundraising story. 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? So I saw for example Axle Springer which is you know more kind of like the corporate. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. [06:54] the early days and it worked where there was just all hands to the pump. 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]. 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. Try for free at rocketreach.co Youre exactly right. I think at that stage it makes sense. 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. So we bought them. Anthemos Georgiades: Yeah. 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 Georgiades. And so back to your point, yes, we want investors who are supportive of the fact that we didnt try to monetize the platform for the first three years because it would have created a barrier to entry. We both wanted to be entrepreneurs. Yeah. 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 today, we have another founder and another one that is quite successful in their own paths. We also actually had a really wonderful fourth cofounder whos no longer with us. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Got it. Youre right that is wrong advice. 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. But theres no right answer in business. 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? Got it. Zumper Board Member Related Hubs I think just up front boundaries before you close the round is super important. Your second month you spend getting term sheets and documents signed. 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? And then now your job at five, six years in with a team of a hundred with higher and amazing executive team who are all better at doing their jobs than you would ever be and so your job is almost as a CEO is to like hire yourself out of a job where you hire people, where you look at them and you think, Wow, I cant believe you report to me. anthemos georgiades net worthperpetual futures binance. 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? 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. Anthemos Georgiades, Zumper Inc: Profile and Biography So M&A are strategic [33:48]. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. 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. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. 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? Its just part of the game and it doesnt [24:30]. Its a Greek name, British accent. I met Russel who [04:01] engineering products through just the personal connections in London. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. Shalin Amin Chief Experience Officer. 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. You just cant get spooked. 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. 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. 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. 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? 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? 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. Alejandro: Got it. what was the premier league called before; So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Anthemos Georgiades - Previous President for Zumper, Inc. And it is the culture that keeps people here, not the compensation or anything else. All of it is going to be important and it will come out at the right stage. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? Ckg1 Ckp1 - Ckg1a63-100 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.
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