comfortbilt pellet stove low temp alarm 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? Got it. 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. So Anthemos, whats the business model here? So I wouldnt be too picky early. 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. 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. 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. For every successful fundraise, every single company have a lot of nos. How do you take a company with those tractions, 10 million in revenue. Pat Mapper caters to 25 and under and kind of big college populations. There was no book [01:41]. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. Zumper Board Member Related Hubs 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. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. 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. So how did you meet your cofounders? 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 happened but I wouldnt say its like an obvious part. Well, first of all, your point about quashing the egg and shooting the chicken. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. 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. 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. Like what have you seen that really works? 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. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Two sided marketplaces are so difficult. 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. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. 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. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Of course. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Youre supposed to try six things that dont work. Got it. It looks better for investors and it makes your life easier. Well, Anthemos, it has been a pleasure to have you on the show. So what I wanted to ask you here is in terms of on boarding lets say this type of, because its a different beast, you know type of investors so how does the approach from evaluating an investor that is a VC, an angel or an angel group shift towards evaluating a potential strategic corporation that is looking to become part of your cap table? Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. In terms of investors, I guess two comments. Anthemos Georgiades: Oh wow, good question. And it is the culture that keeps people here, not the compensation or anything else. [06:54] the early days and it worked where there was just all hands to the pump. 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. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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? I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Get a custom action plan and all the help that you need to start raising more capital. I dont think theres a startup I could have launched that taught me more. So Anthemos, theres always a first time and you know I guess this is the first time in the history of the DealMakers Show that Im able to interview someone that has been involve on the M&A but more on the buy side. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 2023: The Road Ahead for Multifamily Operators 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, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service, How to leverage your network for introductions, The importance of your metrics leading up to the, Expectations from investors during the different. So how did you meet your cofounders? Tanguy Le Louarn Chief Product Officer. 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. 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. If you want me to help you with your fundraising, just book a call. Of course. Prior to his work at Zumper, Georgiades worked at the Boston . 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. It has to be me and thats how I started the company six years ago after business school. Of course and I agree with you there, Anthemos. 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. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Anthemos Georgiades on LinkedIn: Elevate Academy | Elevate Leadership 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. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. city of phoenix setback requirements We saw it would take three to six months to integrate Pat Mapper and their backend that engineering project we worked really hard and quickly just over a year to integrate so we underestimated like how much work was required to integrate them by 3x. Got it. A lot of it was completely bottom up. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. 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. Got it. 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 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. 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. 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. I kind of looked through in Crunchbase which connections I have into which fund. Got it. So it was never I want to be an entrepreneur journey. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Its a Greek name, British accent. 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. 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. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. How flat is the company? Categories . 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? @zumper Stories Uncategorized 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. In the early days we love the exposure to Silicon Valley investors. It is not suppose to be easy. So that was great. So M&A are strategic [33:48]. 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. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Got it. 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: 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. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. 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. 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. At college in the UK, Ive had like multiple [00:58] renting apartments. 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? 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. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. It was not something Ive really ever thought about before. Thank you so much. We have like four people at the company for the first year or maybe five for the first year and so theres so much to do and theres so little time and few resources that you actually theres no real intellectual whiteboarding session that you do to carve out rose. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. 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. Look how quickly our revenue are scaling. There could be investors who are fantastic. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Youre exactly right. 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. Saying that, in the early days you kind of need to bring on all the capital that you can. 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. And so I wouldnt be too pressured. Like many of our most successful entrepreneurs. Get 5 free searches. 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. We didnt go that route because I have the network but if I didnt have the network and some people have the network and still do it, they are really good cheap in to getting scaled quickly. 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 Rental listing startup with more than 26 million users. Anthemos Georgiades: Yeah. How autonomous can people be at the junior levels? You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. 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. Not really actually. It just really helps to divide and conquer like that while I was meeting new investors again. Anthemos Georgiades - San Francisco Business Times He had actually interviewed me for a job at a different consulting firm and we stayed in touch. Yeah. I really enjoyed it and great stuff. 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: Of course and I agree with you there, Anthemos. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Two sided marketplaces are so difficult. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. We both wanted to be entrepreneurs. Your job as the CEO and the founder is to convince your investors of the reason to do this. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Alejandro: Got it and before we actually dive in to the journey here, so consulting and business school, this is a few things that I typically hear so from some of our other guests. 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. Alejandro: Got it. 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. 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. 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? Anthemos Georgiades. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Hello, everyone, to the DealMakers Show. Alejandro: Fantastic. 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. Got it. 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. 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. I met Russel who [04:01] engineering products through just the personal connections in London. But theres no right answer in business. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Got it. 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? I think Id say forget everything you think you know and everything, your education [38:28]. Not really actually. Shalin Amin Chief Experience Officer. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. Got it. Thats your job. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. 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. Anthemos Georgiades: Hey, thanks for having me. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. But I will say the one thing is true is that you always raise on momentum. 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. 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? Weve only been working with Axle Springer for four months now but they are fantastic. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. But oh we must have had like 20 persons or 20 people say not now or later. It happened but I wouldnt say its like an obvious part. In the early days, youre going to need to take all the capital you can get. What are some tips for successfully navigating the rental market from a renter's perspective? 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. anthemos georgiades net worth. 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? Got it. Meaning hey, we send you a ton of leads this month that close in to leases. How did you find these investors? Got it. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Really good strategy to differentiate the demographics and were super happy with how it went down. Everyone in Boston, everyone in New York were straight nos and [25:15] didnt get second meetings but then a month later we came to Silicon Valley and we found a much better product market set for the kind of investor who was prepared to come early and invest early and we got a lot of yeses very quickly. Got it. You know its interesting that you mentioned the chicken and the egg. 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. 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]. Hello, everyone, to the DealMakers Show. And were just a little earlier than obviously a public company so our gross is spikier. 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. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. 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. Anthemos Georgiades: Yeah. So we bought them. 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. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and.