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? Got it. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. 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. Meaning hey, we send you a ton of leads this month that close in to leases. what was the premier league called before; At college in the UK, Ive had like multiple [00:58] renting apartments. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Alejandro: Got it. So I think as your company matures, you look for investors that have something that you dont have and so for us, were not yet doing $100 million in revenue. 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. How many landlords did we have on the site? Likewise. 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 learned more from you than you learned from me, and then your job as CEO is to do kind of two or three things, that is to continue to advance like the vision and the mission of the company and keep everything strategically aligned. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. How many listings do we have on the site? It happened but I wouldnt say its like an obvious part. So I saw for example Axle Springer which is you know more kind of like the corporate. And it is the culture that keeps people here, not the compensation or anything else. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Your second month you spend getting term sheets and documents signed. 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? Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. So Anthemos, whats the business model here? Great question. 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. Fantastic. It seemed crazy that the real estate industry wasnt moving towards on demand. So yes, we have a great cap table. And so as you mature you look for a different kind of investor and that naturally tends to happen. Thats just part of the game. Get a custom action plan and all the help that you need to start raising more capital. I was really impressed when because its not hard, its almost impossible to land VC such as Kleiner Perkins on literally your first financing round, the seed round. 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. Pat Mapper caters to 25 and under and kind of big college populations. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. What are some tips for successfully navigating the rental market from a renter's perspective? 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? 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 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? Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. We both wanted to be entrepreneurs. 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. 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. Two sided marketplaces are so difficult. 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. 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? Had worked at the Boston Consulting Group. 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. I grew up in London. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. But I will say the one thing is true is that you always raise on momentum. 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]. But I will say the one thing is true is that you always raise on momentum. Anthemos Georgiades: Yeah. Youre right that is wrong advice. It happened but I wouldnt say its like an obvious part. 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. It is ultimately the culture. 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. Yeah. No. How autonomous can people be at the junior levels? Rear mounted 3" standard exhaust port, and 2" standard air intake Exterior dimensions of unit are 24" wide, 26" deep, and 40" high with mounted controller. The one unifying theme in every fundraising Ive run is momentum. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. 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. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. So we bought them. 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 But theres no right answer in business. For every successful fundraise, every single company have a lot of nos. 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. 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 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. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Like many of our most successful entrepreneurs. You can filter down by city and . I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Budget in my opinion perhaps should be allocated to something else. I dont think theres a startup I could have launched that taught me more. Yeah. Prior to his work at Zumper, Georgiades worked at the Boston . Budget in my opinion perhaps should be allocated to something else. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Two sided marketplaces are so difficult. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. 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. 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. 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? 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. So I wouldnt be too picky early. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. rex harrison audrey hepburn relationship. 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. Really good strategy to differentiate the demographics and were super happy with how it went down. Alejandro: Of course. How many landlords did we have on the site? So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Anthemos Georgiades CEO and co-founder. It is not suppose to be easy. How flat is the company? 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. A lot of it was completely bottom up. 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. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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 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 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. Got it. 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? All photos courtesy of Forbes Councils members. There was no book [01:41]. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? I didnt think that either of them originally. 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. Got it. Anthemos Georgiades: No. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. 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. Prices can change quickly! 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. [06:54] the early days and it worked where there was just all hands to the pump. Whats your story and most importantly, how did you get started with the entrepreneurial bug? So you know I think Axle Springer very used to appraising companies that match their scale. 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? Anthemos Georgiades: Yeah. So we tell the small landlords, Hey, dont just advertise in Zumper. Got it. Anthemos Georgiades: Yeah. 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. 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? Were incredibly grateful for everything she did and she remains kind of shareholder in the company. Over time, its great to be able to bring in your team. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. 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. Thats quite motivating for people. Yeah. Russell Middleton Co-Founder. Well, Anthemos, it has been a pleasure to have you on the show. Oh wow, good question. 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 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. Alejandro: Got it. Got it and before we actually dive in to the journey here, so consulting and. 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. Absolutely. 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. You just cant get spooked. I was just talking to a friend of mine about this. Anthemos Georgiades. 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? Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. Thank you so much. 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. And investors love that story because its easy to believe that you can continue to do that. Anthemos Georgiades: Oh wow, good question. I mean I called it like a cheat [33:33] my team. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. 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. 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. Youre exactly right. 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. It was incredibly difficult. At college in the UK, Ive had like multiple [00:58] renting apartments. 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. We love our investors. 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. 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. Alejandro: Got it. So thats how Zumper got started. Taylor Glass-Moore Co-Founder. 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. And so I finally just gave in and thought no one is going to build this. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. So Id say your first month you spend like getting first, second, third meeting. At series A, you got to show product market set in a sub vertical. Your job is to raise capital and your job is to kind of hire and retain the best talents. Thank you so much. 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. Yeah. A lot of business schools was how to make decisions with imperfect information. 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. Im so glad I did it. 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. Really good strategy to differentiate the demographics and were super happy with how it went down. Hello, everyone, to the DealMakers Show. So M&A are strategic [33:48]. Terms & Conditions! Alejandro: Got it. At scale you get to do that and have those teams. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. 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. Anthemos Georgiades: Yeah. 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. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. 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. So it was never I want to be an entrepreneur journey. I kind of looked through in Crunchbase which connections I have into which fund. 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. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. This pellet stove is a good heating solution for a smaller rather than a . 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. How do you take a company with those tractions, 10 million in revenue. Rocketreach finds email, phone & social media for 450M+ professionals. 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. 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. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? 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. 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. And frankly, the process is a pain in the ass. It looks better for investors and it makes your life easier. So that was great. It was not something Ive really ever thought about before. 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. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. 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. Like what have you seen that really works? Got it. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Anthemos Georgiades: Yeah. 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. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. 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. If you want me to help you with your fundraising, just book a call. See How I Can Help You With Your Fundraising Efforts. But oh we must have had like 20 persons or 20 people say not now or later. 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? Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. 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 yes, we have a great cap table. 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. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Anthemos Georgiades is the CEO and co-founder at Zumper. 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. Think Masterclass for Management. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel.
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