";s:4:"text";s:28176:"Not really actually. 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. So tell me your story a little bit here, Anthemos. What are some tips for successfully navigating the rental market from a renter's perspective? So in the first two years, Zumper is now [07:52] $90 million in capital. Got it. Alejandro: So I guess like I have one thing to follow up on this. [06:54] the early days and it worked where there was just all hands to the pump. Anthemos Georgiades. And so as you mature you look for a different kind of investor and that naturally tends to happen. And frankly, the process is a pain in the ass. 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. 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. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. We both wanted to be entrepreneurs. Really good strategy to differentiate the demographics and were super happy with how it went down. He was with HBS 10 years ago. How does the day to day at Zumper work? Got it. Rear mounted 3" standard exhaust port, and 2" standard air intake Exterior dimensions of unit are 24" wide, 26" deep, and 40" high with mounted controller. So for the business, Anthemos, how much capital have you guys raised today? 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. How does the day to day at Zumper work? 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. Anthemos Georgiades. It happened but I wouldnt say its like an obvious part. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. Anthemos Paul Georgiades has been associated with one company, according to public records. Its a Greek name, British accent. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. 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 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. 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. Two sided marketplaces are so difficult. How much respect is there? The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? I mean I called it like a cheat [33:33] my team. So lets talk about Zumper here. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. I dont think theres a startup I could have launched that taught me more. 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. Thats quite motivating for people. 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. Anthemos Georgiades: Yeah. Thats your job. Every company is completely different and theres no gold standard. So Im completely there with you. I think at that stage it makes sense. We also actually had a really wonderful fourth cofounder whos no longer with us. 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. Your second month you spend getting term sheets and documents signed. I kind of looked through in Crunchbase which connections I have into which fund. How autonomous can people be at the junior levels? 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]. 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. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Yeah. Weve only been working with Axle Springer for four months now but they are fantastic. 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 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. Its not about the ski trips and any of that you know. But I will say the one thing is true is that you always raise on momentum. 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. Two sided marketplaces are so difficult. Alejandro: Got it. 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. anthemos georgiades net worth. Anthemos Georgiades: Hey, thanks for having me. So in the first two years, Zumper is now [07:52] $90 million in capital. 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. Alejandro: Got it. I grew up in London. Got it. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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 I guess like I have one thing to follow up on this. Absolutely. 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. Like what have you seen that really works? At scale you get to do that and have those teams. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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, 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. 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. And so I finally just gave in and thought no one is going to build this. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Now my cofounders were phenomenal in bringing them to meetings. Got it. 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 know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Got it and before we actually dive in to the journey here, so consulting and. That is where your focus is and even though you kind of missed doing some of the stuff and the weeds and my team continue to tell me to get away from the weed and continue to [36:12] the 50,000 set, you have to let it go and trust your team to do a better job than you were doing. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. It just really helps to divide and conquer like that while I was meeting new investors again. Retention is something I think about every day. Alejandro: Got it. I mean your job moves from doing jobs in the first few years. I mean I think at seed round its like an [26:02]. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. But oh we must have had like 20 persons or 20 people say not now or later. 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. 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. 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. Georgiades founded Zumper after his own . 1. I think if you set these expectations from the very beginning that are super important. So it was never I want to be an entrepreneur journey. 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. Tanguy Le Louarn Chief Product Officer. June 12, 2022 . So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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? Make sure tenants understand why things are . 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. Oh wow, good question. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Thank you so much. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. 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. How much respect is there? Its hard. 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. 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. 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 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. 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. Anthemos Georgiades: No. 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. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. ! Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Got it. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. In the early days, youre going to need to take all the capital you can get. 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. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Terms & Conditions! Anthemos Georgiades: Yeah. 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. 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. 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. 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. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. There was no book [01:41]. Got it. You can set the expectations and then see what happens and if its not a good fit upfront, you can go with the different option on the table. Got it. 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. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. One is I wouldnt be too pressured about it too early. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. And so as you mature you look for a different kind of investor and that naturally tends to happen. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. 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. 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. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. 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. 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. Alejandro: Got it. Anthemos Georgiades: Yeah. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. How autonomous can people be at the junior levels? Its just part of the game and it doesnt [24:30]. So we tell the small landlords, Hey, dont just advertise in Zumper. And I mean its quite a few cofounders. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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. Got it. 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 we tell the small landlords, Hey, dont just advertise in Zumper. 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 the majority of that is still in the bank but yeah, we raised money in capital [12:00]. 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. Vishal Makhijani President & COO. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Get a custom action plan and all the help that you need to start raising more capital. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Absolutely. So it was never I want to be an entrepreneur journey. Alejandro: Got it. We love our investors. So I wouldnt be too picky early. Alejandro: I love it. Yeah. How did you find these investors? At college in the UK, Ive had like multiple [00:58] renting apartments. So we bought them. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Never thought Id be an entrepreneur. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Had worked at the Boston Consulting Group. Its not about the ski trips and any of that you know. 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. 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 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 we bought them. And so I finally just gave in and thought no one is going to build this. So Id say your first month you spend like getting first, second, third meeting. Anthemos Georgiades: Yeah. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. I mean I think at seed round its like an [26:02]. 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. Weve only been working with Axle Springer for four months now but they are fantastic. I mean your job moves from doing jobs in the first few years. Look how quickly our revenue are scaling. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Your third month is getting kind of diligence done and getting the wires in to the door. It happened but I wouldnt say its like an obvious part. And were just a little earlier than obviously a public company so our gross is spikier. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. So that was great. Saying that, in the early days you kind of need to bring on all the capital that you can. 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. 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 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. That is where your focus is and even though you kind of missed doing some of the stuff and the weeds and my team continue to tell me to get away from the weed and continue to [36:12] the 50,000 set, you have to let it go and trust your team to do a better job than you were doing. So Id say your first month you spend like getting first, second, third meeting. This pellet stove is a good heating solution for a smaller rather than a . Over-Communication. 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. 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 just up front boundaries before you close the round is super important. 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. It is not suppose to be easy. 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. Alejandro: Got it. So that was great. 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. 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. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. I think just up front boundaries before you close the round is super important. Thats just part of the game. But I will say the one thing is true is that you always raise on momentum. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. 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. And so back to your point, yes, we want investors who are supportive of the fact that we didnt try to monetize the platform for the first three years because it would have created a barrier to entry. 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. Got it. 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. Prior to his work at Zumper, Georgiades worked at the Boston . ";s:7:"keyword";s:29:"anthemos georgiades net worth";s:5:"links";s:577:"Can You Bake Fish With Louisiana Fish Fry,
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