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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. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Alejandro: Fantastic. Anthemos Georgiades - Previous President for Zumper, Inc. It was incredibly difficult. Over-Communication. Like what have you seen that really works? Alejandro: I love it. Im so glad I did it. Please subscribe to unlock this content. So I wouldnt be too picky early. 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. It was not something Ive really ever thought about before. So all good companies have multiple offers on the table. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. I have no experience doing that. It is ultimately the culture. 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. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. It seemed crazy that the real estate industry wasnt moving towards on demand. How do you take a company with those tractions, 10 million in revenue. Yeah. Anthemos Georgiades, Zumper Inc: Profile and Biography So tell me your story a little bit here, Anthemos. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. 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? Anthemos Georgiades is the co-founder and CEO of Zumper. Meaning hey, we send you a ton of leads this month that close in to leases. anthemos georgiades net worth And investors love that story because its easy to believe that you can continue to do that. Alejandro: Of course and I agree with you there, Anthemos. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The 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. 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. So you acquire not long ago Pat Mapper and how did this come together? For me, its Zumper, an apartment rental platform. Tanguy Le Louarn Chief Product Officer. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . Anthemos Georgiades. We also actually had a really wonderful fourth cofounder whos no longer with us. A lot of business schools was how to make decisions with imperfect information. 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]. 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 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. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Anthemos Georgiades - San Francisco Business Times And [14:42] in Silicon Valley is married to [graphics 14:43] mostly in terms of great companies just break out and succeed [agnostic 14:48] as to where people went to college or if they came from a wealthy or poor family. 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: Oh wow, good question. So that was great. 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. Yeah, sure. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. I mean your job moves from doing jobs in the first few years. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. 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. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. 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 was just talking to a friend of mine about this. 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. And so I wouldnt be too pressured. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. After that, it changed to more consumer. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. 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 M&A are strategic [33:48]. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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. How many listings do we have on the site? Think Masterclass for Management. Were growing very quickly but none of that was true obviously in the first two years. Vishal Makhijani President & COO. 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. How autonomous can people be at the junior levels? I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Russell Middleton Co-Founder. A lot of that is in the bank. 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. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. They are brilliant about. 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? How many listings do we have on the site? Had worked in politics. If you want me to help you with your fundraising, just book a call. So thats how Zumper got started. Had worked at the Boston Consulting Group. Yeah. You start to build depth and management structures. I didnt think that either of them originally. Absolutely. Thats just part of the game. 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. Got it. You are going to get a bunch of nos so I wouldnt rule people out too early. 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? 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. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Fantastic. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. At scale you get to do that and have those teams. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. And so I finally just gave in and thought no one is going to build this. You start to build depth and management structures. He was with HBS 10 years ago. Got it. 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. So for the business, Anthemos, how much capital have you guys raised today? Of course and I agree with you there, Anthemos. 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. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Got it. 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. All photos courtesy of Forbes Councils members. 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? Hello, everyone, to the DealMakers Show. Anthemos Georgiades: Yeah, sure. Its hard. So I wouldnt be too picky early. 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. Obviously they knew and I think for us it was like telling Axle and the rest of our investors that there are going to be months where we massively beat plans and there will be months where were behind plans. Got 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. We both wanted to be entrepreneurs. You know its interesting that you mentioned the chicken and the egg. At college in the UK, Ive had like multiple [00:58] renting apartments. His passion for relieving the stress for others in . Retention is something I think about every day. And were just a little earlier than obviously a public company so our gross is spikier. Yeah. So I saw for example Axle Springer which is you know more kind of like the corporate. 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. Saying that, in the early days you kind of need to bring on all the capital that you can. How does the day to day at Zumper work? Anthemos Georgiades CEO and co-founder. I think just up front boundaries before you close the round is super important. 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. And investors love that story because its easy to believe that you can continue to do that. They are brilliant about. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. In the early days, youre going to need to take all the capital you can get. I met Russel who [04:01] engineering products through just the personal connections in London. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. 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. 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. 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. I didnt think that either of them originally. For every successful fundraise, every single company have a lot of nos. How much respect is there? 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. Likewise. Anthemos Georgiades Email & Phone Number - Zumper | ZoomInfo 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; glendale, az setback requirements. 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. E1031 Zumper CEO Anthemos Georgiades on monetizing - YouTube Yeah. Well, first of all, your point about quashing the egg and shooting the chicken. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Yes, weve raised $90 million in capital including a series C that we just closed three months ago. After that, it changed to more consumer. 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 think if you set these expectations from the very beginning that are super important. anthemos georgiades net worth. 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. 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. 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 tell me your story a little bit here, Anthemos. 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. Oh wow, good question. See How I Can Help You With Your Fundraising Efforts. 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 that was great. And [14:42] in Silicon Valley is married to [graphics 14:43] mostly in terms of great companies just break out and succeed [agnostic 14:48] as to where people went to college or if they came from a wealthy or poor family. How many landlords did we have on the site? 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. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Anthemos Georgiades: Yeah. 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: Yeah. So lets talk about Zumper here. It was like $46 million. 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. 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. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. Yeah. 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?