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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Anthemos Georgiades: Yeah, sure. Two sided marketplaces are so difficult. At college in the UK, Ive had like multiple [00:58] renting apartments. 2023: The Road Ahead for Multifamily Operators So I wouldnt be too picky early. So Im completely there with you. Anthemos Georgiades: Yeah. Prior to his work at Zumper, Georgiades worked at the Boston . At series A, you got to show product market set in a sub vertical. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. "While many markets cool off during the winter, Miami is still posting month-over-month increases. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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. Get 5 free searches. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. It is ultimately the culture. In terms of investors, I guess two comments. 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. Look how quickly our revenue are scaling. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. Alejandro: Got it. Well, first of all, your point about quashing the egg and shooting the chicken. Anthemos Georgiades is the co-founder and CEO of Zumper. 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? 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. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. Alejandro: Got it. Meaning hey, we send you a ton of leads this month that close in to leases. So seed, series A, series B, series C, I was always the point person in the fundraise. We both wanted to be entrepreneurs. 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. One Lesson Led This Entrepreneur To Raise $90 Million From The - Forbes Yeah. The one unifying theme in every fundraising Ive run is momentum. He was with HBS 10 years ago. Really good strategy to differentiate the demographics and were super happy with how it went down. So today, we have another founder and another one that is quite successful in their own paths. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? Your third month is getting kind of diligence done and getting the wires in to the door. 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. Yeah. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. 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. 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. And investors love that story because its easy to believe that you can continue to do that. Alejandro: Got it. 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. 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. So how did you meet your cofounders? I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. Alejandro: Got it. 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 I think three months is an efficient round. How many landlords did we have on the site? 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. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. There was no book [01:41]. It looks better for investors and it makes your life easier. Got it. Got it and before we actually dive in to the journey here, so consulting and. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. Please subscribe to unlock this content. 1. 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. 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. June 12, 2022 . 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. All of it is going to be important and it will come out at the right stage. Yeah. 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. How many listings do we have on the site? So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. So Id say your first month you spend like getting first, second, third meeting. Your job is to raise capital and your job is to kind of hire and retain the best talents. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. 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. There was no book [01:41]. And it is the culture that keeps people here, not the compensation or anything else. So Anthemos, whats the business model here? Published by at June 13, 2022. 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? 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. But theres no right answer in business. Its just part of the game and it doesnt [24:30]. 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. It was always a man, there is a really tough problem that consumers experience and no one is solving it. So I wouldnt be too picky early. 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]. Got it. 10 Things All Landlords Should Remember To Ensure Good Tenant - Forbes comfortbilt pellet stove low temp alarm Tanguy Le Louarn Chief Product Officer. Yeah. So I saw for example Axle Springer which is you know more kind of like the corporate. Well, today's guest noticed that experience and wanted to improve it. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Alejandro: Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Anthemos Georgiades: Oh wow, good question. 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. Thats just part of the game. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Anthemos Georgiades | Multifamily Executive Magazine So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Im so glad I did it. How does the day to day at Zumper work? 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. So lets talk about Zumper here. A lot of it was completely bottom up. Had worked in politics. Got it. Rocketreach finds email, phone & social media for 450M+ professionals. Of course. 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. So for the business, Anthemos, how much capital have you guys raised today? Youre right that is wrong advice. 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. Im so glad I did it. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. 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. anthemos georgiades net worth. Anthemos Georgiades: Yeah. It is not suppose to be easy. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. This pellet stove is a good heating solution for a smaller rather than a . Zumper - Contacts, Employees, Board Members, Advisors & Alumni - Crunchbase For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. So I guess like I have one thing to follow up on this. 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. And investors love that story because its easy to believe that you can continue to do that. I mean I think at seed round its like an [26:02]. Its hard. Anthemos Georgiades: Yeah. I have no experience doing that. Never thought Id be an entrepreneur. Anthemos Georgiades is the CEO and co-founder at Zumper. Yeah. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. 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. 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. So that was great. You just cant get spooked. Yeah. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. Your job as the CEO and the founder is to convince your investors of the reason to do this. 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. 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. 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. Retention is something I think about every day. So you know I think Axle Springer very used to appraising companies that match their scale. 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 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. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. anthemos georgiades net worth. You are going to get a bunch of nos so I wouldnt rule people out too early. How much respect is there? And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. It seemed crazy that the real estate industry wasnt moving towards on demand. 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. Anthemos Paul Georgiades has been associated with one company, according to public records. 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: 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. How do you take a company with those tractions, 10 million in revenue. 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? 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 strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. 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. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. Your email address is 100% safe from spam! I met Russel who [04:01] engineering products through just the personal connections in London. 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.
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