So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. 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. Got it. So I saw for example Axle Springer which is you know more kind of like the corporate. 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. Got it. At scale you get to do that and have those teams. You know its interesting that you mentioned the chicken and the egg. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Anthemos Georgiades: Yeah. 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. hendrick motorsports hats; anthemos georgiades net worth We both wanted to be entrepreneurs. The one unifying theme in every fundraising Ive run is momentum. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. You start to build depth and management structures. And so I wouldnt be too pressured. 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. Alrightee. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. 1. 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. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Youre supposed to try six things that dont work. 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? So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Alejandro: Alrightee. Anthemos Georgiades: Yeah. 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. 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. So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. 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. So you acquire not long ago Pat Mapper and how did this come together? And as you know as and your listeners know, youre going to get a lot of nos on the way. If you want me to help you with your fundraising, just book a call. One is I wouldnt be too pressured about it too early. For every successful fundraise, every single company have a lot of nos. And so I wouldnt be too pressured. What are some tips for successfully navigating the rental market from a renter's perspective? Yeah. You start to build depth and management structures. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. 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. I think Id say forget everything you think you know and everything, your education [38:28]. 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. Alejandro: Got it. And you know I think hiring is definitely tough but retaining is even more complicated so is there any things that you for example seen yourself that work on that front? Likewise. 1.4.1 - Provisions of this Code Declared . It is not suppose to be easy. Got it. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Anthemos Paul Georgiades has been associated with one company, according to public records. In terms of investors, I guess two comments. Categories . 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. Get a custom action plan and all the help that you need to start raising more capital. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. Thats quite motivating for people. 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. Alejandro: Got it. Got it. Well, today's guest noticed that experience and wanted to improve it. How much respect is there? They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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. So what is the best way, Anthemos, for people that are listening to reach out and say hi? So Anthemos, whats the business model here? But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Rental listing startup with more than 26 million users. 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. 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. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Over-Communication. [06:54] the early days and it worked where there was just all hands to the pump. Really good strategy to differentiate the demographics and were super happy with how it went down. Got it. 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. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Got it. Got it. 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. Hello, everyone, to the DealMakers Show. Got it. Additionally, Anthemos Georgiades has had 2 past jobs including Consultant at The Boston Consulting Group. It is not suppose to be easy. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. And were just a little earlier than obviously a public company so our gross is spikier. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. But theres no right answer in business. 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 you know I think Axle Springer very used to appraising companies that match their scale. Yeah. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. Alejandro: Got it. We both wanted to be entrepreneurs. After that, it changed to more consumer. Ill set the first couple of meetings often alone but its been wonderful as weve grown our executive team to be able to bring like our VP of sales, our head of grow, our CPO in to the meetings afterwards when they want to meet the team. Thats your job. 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 thats how Zumper got started. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. So we bought them. Your third month is getting kind of diligence done and getting the wires in to the door. Got it. 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. Saying that, in the early days you kind of need to bring on all the capital that you can. So Id say your first month you spend like getting first, second, third meeting. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. 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. Youre exactly right. 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. And it was just [22:11] during the process that its a startup, were at growth stage but not to expect to be able to predict our courses like that public company again. Think Masterclass for Management. Its a good question. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? glendale, az police activity today; archer lodge middle school calendar. 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. So it doesnt always work out and I think thats fine. 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. Over time, its great to be able to bring in your team. 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. 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 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. Pat Mapper caters to 25 and under and kind of big college populations. 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. Youre exactly right. Anthemos Georgiades CEO at Zumper United States 4K followers 500+ connections Join to view profile Zumper Harvard Business School Websites Websites Company Website http://www.zumper.com Company. Anthemos Georgiades: Yeah. Anthemos Georgiades: Yeah. So I saw for example Axle Springer which is you know more kind of like the corporate. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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. Of course. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. 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. 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? So today, we have another founder and another one that is quite successful in their own paths. Anthemos Georgiades: Yeah. 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 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. Thats your job. A lot of business schools was how to make decisions with imperfect information. And the biggest change in the series C I just raised versus in the early days is having a CFO. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Alejandro: Got it. We also actually had a really wonderful fourth cofounder whos no longer with us. Were growing very quickly but none of that was true obviously in the first two years. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. In terms of investors, I guess two comments. It was incredibly difficult. 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. 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. 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. I really enjoyed it and great stuff. 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. 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. 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? 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: Yeah, sure. There could be investors who are fantastic. And it is the culture that keeps people here, not the compensation or anything else. 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. How many listings do we have on the site? 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. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. You can filter down by city and . See How I Can Help You With Your Fundraising Efforts. Township Of Ocean Police Department. Georgiades founded Zumper after his own . For me, its Zumper, an apartment rental platform. 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. 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? So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. 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. 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 is co-founder & CEO of Zumper, the largest startup in the rental industry. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. 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]. Anthemos Georgiades: Yeah. 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. So I think three months is an efficient round. Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. And frankly, the process is a pain in the ass. 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. Anthemos Georgiades: Yeah. It looks better for investors and it makes your life easier. No. 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. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. For every successful fundraise, every single company have a lot of nos. 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. 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. How autonomous can people be at the junior levels? Fantastic. 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. 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. It was always a man, there is a really tough problem that consumers experience and no one is solving it. Tanguy Le Louarn Chief Product Officer. It was always a man, there is a really tough problem that consumers experience and no one is solving it. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. And then my other cofounder Kurt Taylor I met through his mother who was an [04:43] and it was another example of just pure hustle. Its a Greek name, British accent. 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. Got it. I grew up in London. Of course. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. So the series B, weve done story now look at how quickly the renters are growing on the platform. I grew up in London. Try for free at rocketreach.co I think Id say forget everything you think you know and everything, your education [38:28]. How autonomous can people be at the junior levels? Anthemos Georgiades: Yeah. 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. So we tell the small landlords, Hey, dont just advertise in Zumper. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. 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. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. I met Russel who [04:01] engineering products through just the personal connections in London. Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles 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. Anthemos Georgiades: Yeah. I didnt think that either of them originally. "While many markets cool off during the winter, Miami is still posting month-over-month increases. 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. 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: Its part of the game. Stay informed using all the free online rental data out there (like Zumper's national rent report). So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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 it is the culture that keeps people here, not the compensation or anything else.