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. Anthemos Georgiades is the CEO and co-founder at Zumper. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. 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. 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. In the early days, youre going to need to take all the capital you can get. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. So Anthemos, whats the business model here? We both wanted to be entrepreneurs. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. There could be investors who are fantastic. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. And then at business school, I think the single biggest thing I learned through the case study method which is how they teach it at Harvard Business School but I think its true. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Thats quite motivating for people. 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. 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. How many listings do we have on the site? 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. I have no experience doing that. 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 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. Anthemos Georgiades: Yeah. I didnt think that either of them originally. Its hard. 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. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. 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. Its not about the ski trips and any of that you know. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. No. 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 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. Youre exactly right. And talking about hustling the network, was there any because I mean those networks that you have I think the network of Harvard is really fantastic and then you know the BCG as well but is there like any process that you followed to really like leverage the network? At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Read More: Sujal Patel On Selling His First Business For $2.6 Billion And Now Raising $108 Million From Jeff Bezos And Others To Improve Medical Diagnostics. He was with HBS 10 years ago. Try for free at rocketreach.co 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. Yeah. Got it. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Alejandro: Got it. Youre supposed to try six things that dont work. So the series B, weve done story now look at how quickly the renters are growing on the platform. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Anthemos Georgiades: Yeah. We love our investors. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. For me, its Zumper, an apartment rental platform. You are going to get a bunch of nos so I wouldnt rule people out too early. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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. what was the premier league called before; But was drawn in to it just to solve a problem as I think so many entrepreneurs are. So Id say your first month you spend like getting first, second, third meeting. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. In terms of investors, I guess two comments. And to be fair, some of these 20 did indeed come back later to invest but in Boston and I pitched all of the east coast investors first because I was on the east coast and they were straight nos. So it was never I want to be an entrepreneur journey. Now my cofounders were phenomenal in bringing them to meetings. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. Weve only been working with Axle Springer for four months now but they are fantastic. Anthemos Georgiades: Its part of the game. Think Masterclass for Management. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. 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. Your job as the CEO and the founder is to convince your investors of the reason to do this. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. @zumper Stories Uncategorized He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. So in the first two years, Zumper is now [07:52] $90 million in capital. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. I was just talking to a friend of mine about this. 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. A lot of business schools was how to make decisions with imperfect information. Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. 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. And to be fair, some of these 20 did indeed come back later to invest but in Boston and I pitched all of the east coast investors first because I was on the east coast and they were straight nos. I knew the CEO for a while. It just really helps to divide and conquer like that while I was meeting new investors again. Anthemos Georgiades: Yeah. Hes raising money now. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. There could be investors who are fantastic. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. It is ultimately the culture. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. And as you know as and your listeners know, youre going to get a lot of nos on the way. Anthemos Georgiades: Yeah. Great question. So today, we have another founder and another one that is quite successful in their own paths. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. 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. Alejandro: Got it. Thats just part of the game. 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 seed, series A, series B, series C, I was always the point person in the fundraise. It was not something Ive really ever thought about before. 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. 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. It is not suppose to be easy. 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 You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Got it. Anthemos Georgiades: Yeah. So M&A are strategic [33:48]. 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. Well, Anthemos, it has been a pleasure to have you on the show. 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. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. How much respect is there? And so I finally just gave in and thought no one is going to build this. In the early days we love the exposure to Silicon Valley investors. 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: No. But oh we must have had like 20 persons or 20 people say not now or later. I think if you set these expectations from the very beginning that are super important. A lot of it was completely bottom up. So you know I think Axle Springer very used to appraising companies that match their scale. Georgiades founded Zumper after his own . I guess the question that I would ask you and perhaps some advice for some of those that are listening, that are building a business that is more around the network effects, the marketplaces, should they walk the other way if the investor is asking too much about revenue early on on the financing cycles? After that, it changed to more consumer. Alejandro: So Im completely there with you. So I wouldnt be too picky early. How does the day to day at Zumper work? Well, first of all, your point about quashing the egg and shooting the chicken. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. anthemos georgiades net worth. 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. 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. Yeah. 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. It has to be me and thats how I started the company six years ago after business school. 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. 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. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. So I guess like I have one thing to follow up on this. 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. Great question. 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. 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? So I wouldnt be too picky early. 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. It is not suppose to be easy. All of it is going to be important and it will come out at the right stage. Yeah. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. 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. 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. 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. Got it. Retention is something I think about every day. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. In the early days we love the exposure to Silicon Valley investors. Likewise. I think its easy not to set those expectations and get caught in the relationship where neither side is being clear on what they expect. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. Yeah. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. 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. Meaning hey, we send you a ton of leads this month that close in to leases. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. So you acquire not long ago Pat Mapper and how did this come together? 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. At college in the UK, Ive had like multiple [00:58] renting apartments. How flat is the company? Saying that, in the early days you kind of need to bring on all the capital that you can. Alejandro: Fantastic. Yeah. If you want me to help you with your fundraising, just book a call. 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. Alejandro: And talking about hustling the network, was there any because I mean those networks that you have I think the network of Harvard is really fantastic and then you know the BCG as well but is there like any process that you followed to really like leverage the network? 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. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. It seemed crazy that the real estate industry wasnt moving towards on demand. And it is the culture that keeps people here, not the compensation or anything else. 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]. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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. Got it. 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 series A, you got to show product market set in a sub vertical. 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. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. Russell Middleton Co-Founder. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. I think just up front boundaries before you close the round is super important. It was incredibly difficult. rex harrison audrey hepburn relationship. I really enjoyed it and great stuff. Got it. Anthemos Georgiades: Yeah. 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. Two sided marketplaces are so difficult. Vishal Makhijani President & COO. 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. I grew up in London. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. So Im completely there with you. So for the business, Anthemos, how much capital have you guys raised today? Had worked in politics. Oh wow, good question. 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. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. How many landlords did we have on the site? 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. His passion for relieving the stress for others in .
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