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. 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. It was always a man, there is a really tough problem that consumers experience and no one is solving 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. 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? Had worked at the Boston Consulting Group. Hes raising money now. 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. Fantastic. 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. They are brilliant about. And so as you mature you look for a different kind of investor and that naturally tends to happen. So lets talk about Zumper here. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Anthemos Georgiades is the CEO and co-founder at Zumper. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Look how quickly our revenue are scaling. Were growing very quickly but none of that was true obviously in the first two years. 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. 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 learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. 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. Yeah. hendrick motorsports hats; anthemos georgiades net worth 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. It seemed crazy that the real estate industry wasnt moving towards on demand. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. How many listings do we have on the site? Anthemos Georgiades: Yeah. 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. I knew the CEO for a while. Alejandro: Got it. Its a good question. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Yeah. Really good strategy to differentiate the demographics and were super happy with how it went down. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Of course. Georgiades founded Zumper after his own . His passion for relieving the stress for others in . So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. It just really helps to divide and conquer like that while I was meeting new investors again. Your third month is getting kind of diligence done and getting the wires in to the door. How do you take a company with those tractions, 10 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. Alejandro: Got it. So it was never I want to be an entrepreneur journey. You know its interesting that you mentioned the chicken and the egg. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 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. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. In the early days, youre going to need to take all the capital you can get. I met Russel who [04:01] engineering products through just the personal connections in London. Thats quite motivating for people. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. Weve only been working with Axle Springer for four months now but they are fantastic. How did you find these investors? 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. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Got it. Dave Costantino Staff Engineer - Backend. One is I wouldnt be too pressured about it too early. 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. Alejandro: I love it. 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. And were just a little earlier than obviously a public company so our gross is spikier. Thats your job. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Thank you so much. All of it is going to be important and it will come out at the right stage. 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. Theyre both incredibly smart as are my executive team who are also like critical to fundraise where Ill go in and sell the vision often alone. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. Alejandro: Got it. Anthemos Georgiades: Yeah. Got it. 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. I dont think theres a startup I could have launched that taught me more. And frankly, the process is a pain in the ass. 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. 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. Like many of our most successful entrepreneurs. Anthemos Georgiades: Yeah. what was the premier league called before; Got it. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. For me, its Zumper, an apartment rental platform. How autonomous can people be at the junior levels? 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. Rocketreach finds email, phone & social media for 450M+ professionals. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. 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 think if you set these expectations from the very beginning that are super important. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. And I mean its quite a few cofounders. So I saw for example Axle Springer which is you know more kind of like the corporate. 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? They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. 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. Thank you so much. Got it. 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. So I learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. 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. Of course. 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. 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. Two sided marketplaces are so difficult. 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. I think Id say forget everything you think you know and everything, your education [38:28]. How does the day to day at Zumper work? Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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]. 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. You can filter down by city and . 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. In the early days we love the exposure to Silicon Valley investors. So I think three months is an efficient round. You know its interesting that you mentioned the chicken and the egg. But oh we must have had like 20 persons or 20 people say not now or later. Yeah. 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. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Alejandro: Got it. If you want me to help you with your fundraising, just book a call. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. Had worked in politics. Alejandro: Got it. And were just a little earlier than obviously a public company so our gross is spikier. 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. Got it. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. 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 net worth. 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. They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. So M&A are strategic [33:48]. 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. Absolutely. I think just up front boundaries before you close the round is super important. 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. 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 if you could give some kind of like tips you know both fronts it would be really fantastic. 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. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. So I wouldnt be too picky early. I mean your job moves from doing jobs in the first few years. Thats just part of the game. Really good strategy to differentiate the demographics and were super happy with how it went down. It was not something Ive really ever thought about before. Had worked in politics. Really, really nice to have you here and excited for the chat that we have ahead here. No. Make sure tenants understand why things are . It was not something Ive really ever thought about before. 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. Youre right that is wrong advice. 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 what is the best way, Anthemos, for people that are listening to reach out and say hi? Yeah. I have no experience doing that. Yeah. I kind of looked through in Crunchbase which connections I have into which fund. I really enjoyed it and great stuff. Your job as the CEO and the founder is to convince your investors of the reason to do this. I was just talking to a friend of mine about this. Anthemos Georgiades: No. When people ask me what Im most nervous about its how to keep our amazing team together, a couple of tactics and then one thing that really worked. I mean 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. 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. Yeah. He was with HBS 10 years ago. Hello, everyone, to the DealMakers Show. In the early days we love the exposure to Silicon Valley investors. In the early days you as the CEO you are the fundraiser, you are the effective CFO, youre the head of sales and you kind of have to do the whole thing. "While many markets cool off during the winter, Miami is still posting month-over-month increases. Alejandro: 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 think three months is an efficient round. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Hes raising money now. 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. There was no book [01:41]. 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. If you guys are Zumper website, you can kind of kind at zumper.com the Contact Us or on Twitter I am just @anthemos, A-N-T-H-E-M-O-S on Twitter and yeah, I respond to people. Likewise. 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? 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. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. 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. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The Top Venture Capital Firms by Alejandro Cremades Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. 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. Pat Mapper caters to 25 and under and kind of big college populations. How autonomous can people be at the junior levels? Township Of Ocean Police Department. I didnt think that either of them originally. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? 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? 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 thats how Zumper got started. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Had worked at the Boston Consulting Group. So seed, series A, series B, series C, I was always the point person in the fundraise. 77% of you were interested in a @zumper flex living pass 1.5 yrs ago Since then we - Added 500K+ flex listings - Launched a search UX for flex rentals We're now launching an MVP of Zumper Pass - a one & done subscription. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. 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. But theres no right answer in business. Yeah. And so I finally just gave in and thought no one is going to build this. So it doesnt always work out and I think thats fine. Look how quickly our revenue are scaling. Tanguy Le Louarn Chief Product Officer. A lot of it was completely bottom up. Of course and I agree with you there, Anthemos. Saying that, if you do have multiple term sheets the second point is of course, like before you get to liquidity, revenue is irrelevant and if revenue gets in the way of bringing either the consumer on to your platform or the supply side person on to your platform, you should not be trying to charge. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Keeping good lines of communication open can solve many landlord/tenant problems. At college in the UK, Ive had like multiple [00:58] renting apartments. 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? 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. 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. 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. ! So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. So seed, series A, series B, series C, I was always the point person in the fundraise. So M&A are strategic [33:48]. 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. So it doesnt always work out and I think thats fine. Your email address is 100% safe from spam! So watching board members from the early investments are [19:38] who now runs Good Water but was originally Kleiner and then Eric [19:42] from Kleiner and theyre both experts at product market set. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. Anthemos Georgiades: Yeah. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. Budget in my opinion perhaps should be allocated to something else. 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]. Get a custom action plan and all the help that you need to start raising more capital. Published by at June 13, 2022. We love our investors. Great question. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Anthemos Georgiades: Its part of the game. 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. He was with HBS 10 years ago. 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.

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