In the early days, youre going to need to take all the capital you can get. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Its 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. 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. Every company is completely different and theres no gold standard. So I saw for example Axle Springer which is you know more kind of like the corporate. I think Id say forget everything you think you know and everything, your education [38:28]. Tanguy Le Louarn Chief Product Officer. Got it. And as you know as and your listeners know, youre going to get a lot of nos on the way. 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 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. Never thought Id be an entrepreneur. I really enjoyed it and great stuff. 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. Anthemos Georgiades CEO and co-founder. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. 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? 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. It was like $46 million. So I guess like I have one thing to follow up on this. 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. 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]. You can set the expectations and then see what happens and if its not a good fit upfront, you can go with the different option on the table. So Id say your first month you spend like getting first, second, third meeting. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. Hes raising money now. "While many markets cool off during the winter, Miami is still posting month-over-month increases. So Im completely there with you. Saying that, in the early days you kind of need to bring on all the capital that you can. 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. Thats your job. 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. Hello, everyone, to the DealMakers Show. 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 how did you meet your cofounders? So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Yeah. Got it. After that, it changed to more consumer. Anthemos Georgiades: Yeah. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. So that was great. 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. Anthemos Georgiades: Yeah. So tell me your story a little bit here, Anthemos. Published by at June 13, 2022. So today, we have another founder and another one that is quite successful in their own paths. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Really good strategy to differentiate the demographics and were super happy with how it went down. Really good strategy to differentiate the demographics and were super happy with how it went down. 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I mean if you could give some kind of like tips you know both fronts it would be really fantastic. So tell me your story a little bit here, Anthemos. 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 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. Yeah. ! It happened but I wouldnt say its like an obvious part. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. . I knew the CEO for a while. The one unifying theme in every fundraising Ive run is momentum. 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. He was with HBS 10 years ago. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. 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 then as we looked at the C round, Axle Springer are fantastic good example [19:59]. So what is the best way, Anthemos, for people that are listening to reach out and say hi? 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. Thank you so much. But oh we must have had like 20 persons or 20 people say not now or later. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. Think Masterclass for Management. Categories . Got it. Anthemos Georgiades: Its part of the game. Zumper Board Member Related Hubs 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. At series A, you got to show product market set in a sub vertical. 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. Meaning hey, we send you a ton of leads this month that close in to leases. 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. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. There was no book [01:41]. 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. Alejandro: Got it. 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. 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. 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. So lets talk about Zumper here. A lot of business schools was how to make decisions with imperfect information. 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. In the early days, youre going to need to take all the capital you can get. So in the first two years, Zumper is now [07:52] $90 million in capital. 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. After that, it changed to more consumer. Of course. We both wanted to be entrepreneurs. So you kind of just have to [25:29] but just to be clear yeah, we had far more nos than yeses at the seed round. How many listings do we have on the site? 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. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. 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? Terms & Conditions! For me, its Zumper, an apartment rental platform. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Its just part of the game and it doesnt [24:30]. 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. 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. 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. I met Russel who [04:01] engineering products through just the personal connections in London. Had worked at the Boston Consulting Group. Anthemos Georgiades: No. What are some tips for successfully navigating the rental market from a renter's perspective? Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. I think just up front boundaries before you close the round is super important. And were just a little earlier than obviously a public company so our gross is spikier. Anthemos Georgiades: Yeah. So I think three months is an efficient round. Anthemos Georgiades: Yeah. I dont think theres a startup I could have launched that taught me more. 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. Hello, everyone, to the DealMakers Show. 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 paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. If you want me to do your fundraising for you, click here. Alejandro: Alrightee. I knew the CEO for a while. 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? Of course and I agree with you there, Anthemos. Prior to his work at Zumper, Georgiades worked at the Boston . So you acquire not long ago Pat Mapper and how did this come together? 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. 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 also actually had a really wonderful fourth cofounder whos no longer with us. How autonomous can people be at the junior levels? 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. Alejandro: So I guess like I have one thing to follow up on this. Please subscribe to unlock this content. 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. How did you find these investors? Yeah. It has to be me and thats how I started the company six years ago after business school. 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. Alrightee. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Alejandro: Got it. Got it. I have no experience doing that. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles So all good companies have multiple offers on the table. I mean I think at seed round its like an [26:02]. 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. So you kind of just have to [25:29] but just to be clear yeah, we had far more nos than yeses at the seed round. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. Anthemos Georgiades is the CEO and co-founder at Zumper. So Anthemos, whats the business model here? How flat is the company? Youre supposed to try six things that dont work. 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]. Got it. The company was incorporated in California, Texas, and Florida ten years ago. Your job is to raise capital and your job is to kind of hire and retain the best talents. Great question. They are brilliant about. Yeah. I dont think theres a startup I could have launched that taught me more. Had worked at the Boston Consulting Group. Over-Communication. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Weve only been working with Axle Springer for four months now but they are fantastic. 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. Got it. 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? Now we have supply so the six months curve at the series B was all about users and millions of monthly users and then at the series C it was much more revenue curve. Anthemos Georgiades: Yeah. A lot of that is in the bank. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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? You rarely have enough data to make the absolutely correct decision and I think a lot of businesses fail especially start ups when they dont make decisions fast enough and in business schools, the case study methods taught me how to feel confident in making decisions without perfect information and how to use data to kind of then review once youve launched, whether it was right or wrong. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Got it. You can set the expectations and then see what happens and if its not a good fit upfront, you can go with the different option on the table. And to be fair, some of these 20 did indeed come back later to invest but in Boston and I pitched all of the east coast investors first because I was on the east coast and they were straight nos. anthemos georgiades 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. 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.
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