They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Anthemos Georgiades: Yeah. Retention is something I think about every day. 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]. 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. Of course. 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. Great question. We both wanted to be entrepreneurs. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. So I learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. anthemos georgiades net worth. Got it. 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? So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. You know its interesting that you mentioned the chicken and the egg. And investors love that story because its easy to believe that you can continue to do that. You just cant get spooked. If you want me to help you with your fundraising, just book a call. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. It was incredibly difficult. Anthemos Georgiades Email & Phone Number - Zumper | ZoomInfo 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. The company was incorporated in California, Texas, and Florida ten years ago. 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. A lot of it was completely bottom up. You just cant get spooked. Alejandro: Got it. Got it. Well, today's guest noticed that experience and wanted to improve it. 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. Zumper - Contacts, Employees, Board Members, Advisors & Alumni - Crunchbase 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. We both wanted to be entrepreneurs. 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. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. [06:54] the early days and it worked where there was just all hands to the pump. what was the premier league called before; 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. 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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. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. Every company is completely different and theres no gold standard. Anthemos Georgiades: Yeah. Yeah. How do you take a company with those tractions, 10 million in revenue. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. So how did you meet your cofounders? So you know I think Axle Springer very used to appraising companies that match their scale. 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. 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? Your email address is 100% safe from spam! How autonomous can people be at the junior levels? Yeah. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? So we tell the small landlords, Hey, dont just advertise in Zumper. Anthemos Georgiades: Yeah. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. And were just a little earlier than obviously a public company so our gross is spikier. Youre right that is wrong advice. Look how quickly our revenue are scaling. Your third month is getting kind of diligence done and getting the wires in to the door. How does the day to day at Zumper work? So Anthemos, whats the business model here? 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. All photos courtesy of Forbes Councils members. It was like $46 million. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. I kind of looked through in Crunchbase which connections I have into which fund. Likewise. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Not really actually. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? 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. Yeah. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. One is I wouldnt be too pressured about it too early. He was with HBS 10 years ago. Alejandro: So Im completely there with you. At series A, you got to show product market set in a sub vertical. Absolutely. Member profile: Zumper's founders - Anthemos Georgiades and Russell Anthemos Georgiades: Yeah. I knew the CEO for a while. Try for free at rocketreach.co 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 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. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. Meaning hey, we send you a ton of leads this month that close in to leases. I think just up front boundaries before you close the round is super important. anthemos georgiades net worth. A lot of business schools was how to make decisions with imperfect information. 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. Your second month you spend getting term sheets and documents signed. 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. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The 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. So today, we have another founder and another one that is quite successful in their own paths. At college in the UK, Ive had like multiple [00:58] renting apartments. Alejandro: Got it. Its not about the ski trips and any of that you know. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. But oh we must have had like 20 persons or 20 people say not now or later. Yeah. And were just a little earlier than obviously a public company so our gross is spikier. Got it. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. 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. 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. Every company is completely different and theres no gold standard. Its hard. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. 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? Anthemos Georgiades - Quora Got it. For me, its Zumper, an apartment rental platform. At series A, you got to show product market set in a sub vertical. 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. 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 email address & phone number - RocketReach 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? Anthemos Georgiades: Yeah, sure. Anthemos Georgiades CEO and co-founder. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. rex harrison audrey hepburn relationship. Anthemos Georgiades - San Francisco Business Times So in the first two years, Zumper is now [07:52] $90 million in capital. Got it. Thats quite motivating for people. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. 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. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. 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. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. It is ultimately the culture. So thats how Zumper got started. It was incredibly difficult. Tanguy Le Louarn Chief Product Officer. I really enjoyed it and great stuff. So seed, series A, series B, series C, I was always the point person in the fundraise. 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. But I will say the one thing is true is that you always raise on momentum. How flat is the company? 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? So for the business, Anthemos, how much capital have you guys raised today? 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. Got it. In the early days, youre going to need to take all the capital you can get. Got it. Yeah. Unluckily weve made some phenomenal early hires so the company that have all scaled to leadership roles, thats fantastic for retention because those people know that we could have hired from outside but we bet on them and it worked and so Zumper is a place to build theyre career not somewhere else. So 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. It has to be me and thats how I started the company six years ago after business school. So that was great. 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. It looks better for investors and it makes your life easier. And so as you mature you look for a different kind of investor and that naturally tends to happen. Ckg1 Ckp1 - Ckg1a63-100 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? This pellet stove is a good heating solution for a smaller rather than a . 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? 1. 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. Anthemos Georgiades: Yeah. It was like $46 million. 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. Alejandro: Got it. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Anthemos Georgiades on Twitter: "77% of you were interested in a They are brilliant about. 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 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? 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. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. 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. Its hard. And as you know as and your listeners know, youre going to get a lot of nos on the way. Please subscribe to unlock this content. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. So you acquire not long ago Pat Mapper and how did this come together? And I mean its quite a few cofounders. Yeah. Well, Anthemos, it has been a pleasure to have you on the show. So what is the best way, Anthemos, for people that are listening to reach out and say hi? 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. Its just part of the game and it doesnt [24:30]. Absolutely. 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. Got it. Yeah. Im so glad I did it. 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? And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. I mean your job moves from doing jobs in the first few years. A lot of that is in the bank. In the early days we love the exposure to Silicon Valley investors. Its a Greek name, British accent. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. We love our investors. Georgiades founded Zumper after his own . Its a good question. So all good companies have multiple offers on the table. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. Never thought Id be an entrepreneur. Thats quite motivating for people. Got it. But theres no right answer in business. Youre exactly right. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. I mean I called it like a cheat [33:33] my team. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. So I saw for example Axle Springer which is you know more kind of like the corporate. So it was never I want to be an entrepreneur journey. How do you take a company with those tractions, 10 million in revenue. It was always a man, there is a really tough problem that consumers experience and no one is solving it. I really enjoyed it and great stuff. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. 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. So how did you meet your cofounders? Anthemos Georgiades | Multifamily Executive Magazine 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. Get 5 free searches. 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? Two sided marketplaces are so difficult.
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