So yes, we have a great cap table. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Got it. Got it. Anthemos Georgiades: Yeah. Yeah. 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. 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. There was no book [01:41]. Whats your story and most importantly, how did you get started with the entrepreneurial bug? And were just a little earlier than obviously a public company so our gross is spikier. 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. 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. Meaning hey, we send you a ton of leads this month that close in to leases. Got it. We love our investors. 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. 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. Got it. It happened but I wouldnt say its like an obvious part. After that, it changed to more consumer. And frankly, the process is a pain in the ass. Oh wow, good question. rex harrison audrey hepburn relationship. Anthemos Georgiades: Yeah. 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. Alrightee. 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. 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. 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? She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. It looks better for investors and it makes your life easier. Anthemos Georgiades CEO and co-founder. 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 yes, we have a great cap table. Of course. 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. 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? 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. 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? Got it. 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, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. 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. Its just part of the game and it doesnt [24:30]. And I mean its quite a few cofounders. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. So I saw for example Axle Springer which is you know more kind of like the corporate. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Get a custom action plan and all the help that you need to start raising more capital. I think if you set these expectations from the very beginning that are super important. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. 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. A lot of that is in the bank. And were just a little earlier than obviously a public company so our gross is spikier. Every company is completely different and theres no gold standard. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. 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. Its a Greek name, British accent. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. Alejandro: Got it. Anthemos Georgiades: Yeah. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. 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. 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 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. 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. Alejandro: Alrightee. 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? I dont think theres a startup I could have launched that taught me more. glendale, az police activity today; archer lodge middle school calendar. 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. It was incredibly difficult. At series A, you got to show product market set in a sub vertical. I really enjoyed it and great stuff. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Yeah. Anthemos Georgiades: Yeah, sure. Got it. If you want me to do your fundraising for you, click here. 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. 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. 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. Saying that, in the early days you kind of need to bring on all the capital that you can. 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 is the co-founder and CEO of Zumper. Anthemos Georgiades: Yeah. 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. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. How does the day to day at Zumper work? It looks better for investors and it makes your life easier. Two sided marketplaces are so difficult. Your job as the CEO and the founder is to convince your investors of the reason to do this. Yeah. Zumper Board Member Related Hubs So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. 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. 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. In the early days, youre going to need to take all the capital you can get. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. In the early days, youre going to need to take all the capital you can get. I grew up in London. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Categories . 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. 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. 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. Your job is to raise capital and your job is to kind of hire and retain the best talents. In terms of investors, I guess two comments. 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? Alejandro: Of course and I agree with you there, Anthemos. Anthemos Georgiades: Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Youre supposed to try six things that dont work. [06:54] the early days and it worked where there was just all hands to the pump. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. And investors love that story because its easy to believe that you can continue to do that. Got it. So we bought them. So it was never I want to be an entrepreneur journey. I love it. Yeah. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. 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. Got it. 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? 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. It was like $46 million. Alejandro: Got it. Terms & Conditions! Not really actually. 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. 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? 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? Anthemos Georgiades: Yeah. So we tell the small landlords, Hey, dont just advertise in Zumper. It has to be me and thats how I started the company six years ago after business school. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? So all good companies have multiple offers on the table. How does the day to day at Zumper work? So for the business, Anthemos, how much capital have you guys raised today? Two sided marketplaces are so difficult. 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]. 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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. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Likewise. It was always a man, there is a really tough problem that consumers experience and no one is solving it. For every successful fundraise, every single company have a lot of nos. Please subscribe to unlock this content. I think just up front boundaries before you close the round is super important. Keeping good lines of communication open can solve many landlord/tenant problems. But I will say the one thing is true is that you always raise on momentum. Anthemos Paul Georgiades has been associated with one company, according to public records. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. Really good strategy to differentiate the demographics and were super happy with how it went down. It is not suppose to be easy. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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. His passion for relieving the stress for others in . Were growing very quickly but none of that was true obviously in the first two years. I grew up in London. You are going to get a bunch of nos so I wouldnt rule people out too early. And as you know as and your listeners know, youre going to get a lot of nos on the way. Rocketreach finds email, phone & social media for 450M+ professionals. 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. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. So seed, series A, series B, series C, I was always the point person in the fundraise. I think at that stage it makes sense. 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. 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. Alejandro: Got it. 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. Never thought Id be an entrepreneur. It just really helps to divide and conquer like that while I was meeting new investors again. It just really helps to divide and conquer like that while I was meeting new investors again. He was with HBS 10 years ago. But theres no right answer in business. A lot of that is in the bank. Thats quite motivating for people. 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. 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? How many landlords did we have on the site? Anthemos Georgiades: Yeah. But oh we must have had like 20 persons or 20 people say not now or later. So Anthemos, whats the business model here? So tell me your story a little bit here, Anthemos. 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. 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. Were growing very quickly but none of that was true obviously in the first two years. Well, first of all, your point about quashing the egg and shooting the chicken. So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. I think at that stage it makes sense. Georgiades founded Zumper after his own . You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. How do you take a company with those tractions, 10 million in revenue. Russell Middleton Co-Founder. Over time, its great to be able to bring in your team. 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. So you know I think Axle Springer very used to appraising companies that match their scale. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. It was like $46 million. What are some tips for successfully navigating the rental market from a renter's perspective? Alejandro: Got it. Stay informed using all the free online rental data out there (like Zumper's national rent report). How many listings do we have on the site? Well, first of all, your point about quashing the egg and shooting the chicken. It is ultimately the culture. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. 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. I mean at the end of the day, building and scaling companies especially when youre at the early stages is all about survival and its all about learning to be with each other behind the trenches and really going to war and having each others backs. I think if you set these expectations from the very beginning that are super important. 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? Just enter your email below. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Yeah. 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. Like many of our most successful entrepreneurs. 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 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. Alejandro: Got it.
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