Its hard. 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. Yeah. Your job is to raise capital and your job is to kind of hire and retain the best talents. So Id say your first month you spend like getting first, second, third meeting. Rental listing startup with more than 26 million users. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Yeah. 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. 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. 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. 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. Im so glad I did it. Well, Anthemos, it has been a pleasure to have you on the show. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. Published by at June 13, 2022. 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. So the series B, weve done story now look at how quickly the renters are growing on the platform. 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. 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. I mean I called it like a cheat [33:33] my team. There could be investors who are fantastic. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Anthemos Georgiades: Yeah. Culture is everything and so investing in people making sure I as the CEO spend a lot of time as much as possible with people who dont report to me is absolutely critical and that is ultimately like the fabric on how most companies are run. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. One is I wouldnt be too pressured about it too early. 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. 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. We both wanted to be entrepreneurs. Really, really nice to have you here and excited for the chat that we have ahead here. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Alejandro: Got it. At scale you get to do that and have those teams. 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. 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? 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 autonomous can people be at the junior levels? 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? Youre supposed to try six things that dont work. Anthemos Georgiades: 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. 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. 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. Yeah. It has to be me and thats how I started the company six years ago after business school. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. 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. Like what have you seen that really works? Got it. 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]. Absolutely. 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. 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. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. glendale, az police activity today; archer lodge middle school calendar. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. 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 all good companies have multiple offers on the table. 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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? So tell me your story a little bit here, Anthemos. 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. You look at your cofounders and you know that they understand that and that theyre not freaking out, that is where you build real institutional culture and then you try and grow that across the team. August 4, 2020. If you want me to help you with your fundraising, just book a call. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Yeah. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. With a diverse background that includes consulting for Boston Consulting Group and serving as Economic Advisor and speechwriter in the 2010 British Election, Anthemos founded Zumper in 2012 after his own terrible rental experience. Got it. 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. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. How did you find these investors? A lot of that is in the bank. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Rocketreach finds email, phone & social media for 450M+ professionals. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. 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. His passion for relieving the stress for others in . Meaning hey, we send you a ton of leads this month that close in to leases. Of course. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. So it doesnt always work out and I think thats fine. I think just up front boundaries before you close the round is super important. And so as you mature you look for a different kind of investor and that naturally tends to happen. So seed, series A, series B, series C, I was always the point person in the fundraise. Well, first of all, your point about quashing the egg and shooting the chicken. 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. Alejandro: Got it. 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. It just really helps to divide and conquer like that while I was meeting new investors again. I was just talking to a friend of mine about this. 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. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. 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. I think if you set these expectations from the very beginning that are super important. 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. 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. Anthemos Georgiades: Yeah. Hello, everyone, to the DealMakers Show. 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. Alejandro: Of course. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Got it. 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. "While many markets cool off during the winter, Miami is still posting month-over-month increases. 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 didnt think that either of them originally. Youre supposed to try six things that dont work. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? Alejandro: Alrightee. For me, its Zumper, an apartment rental platform. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. And investors love that story because its easy to believe that you can continue to do that. Prices can change quickly! They are brilliant about. Yeah. 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. 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. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. In the early days, youre going to need to take all the capital you can get. ! They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. You can filter down by city and . In terms of investors, I guess two comments. Saying that, in the early days you kind of need to bring on all the capital that you can. Now my cofounders were phenomenal in bringing them to meetings. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? 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. I kind of looked through in Crunchbase which connections I have into which fund. 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: Yeah. Every company is completely different and theres no gold standard. Got it. 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. Thats just part of the game. Yeah. It has to be me and thats how I started the company six years ago after business school. Never thought Id be an entrepreneur. Thats quite motivating for people. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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. So I saw for example Axle Springer which is you know more kind of like the corporate. Prior to his work at Zumper, Georgiades worked at the Boston . Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. 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. Its hard. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. So Id say your first month you spend like getting first, second, third meeting. 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. 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]. Its a Greek name, British accent. They wanted to close apartments like they book a hotel and so took the status of like 35 different apartments we leased using the technology in San Francisco to VCs and said, Hey, were really going to rebuild all of this but heres some data that shows this really can work at scale, and thats how we raised the first million dollars from some of the names that you mentioned. 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. 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 seed, series A, series B, series C, I was always the point person in the fundraise. Well, today's guest noticed that experience and wanted to improve it. They are brilliant about. As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. Make sure tenants understand why things are . And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. 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.

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