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. Got it. But oh we must have had like 20 persons or 20 people say not now or later. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Anthemos Georgiades: Yeah. So yes, we have a great cap table. 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 the series B, weve done story now look at how quickly the renters are growing on the platform. 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. Fantastic. 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. And as you know as and your listeners know, youre going to get a lot of nos on the way. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. 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. You just cant get spooked. Alejandro: Got it. Anthemos Georgiades: Yeah. Weve only been working with Axle Springer for four months now but they are fantastic. 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. 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. Got it. So Anthemos, whats the business model here? So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Got it. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. Budget in my opinion perhaps should be allocated to something else. So for the business, Anthemos, how much capital have you guys raised today? We both wanted to be entrepreneurs. Hello, everyone, to the DealMakers Show. 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. 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. Yeah. hendrick motorsports hats; anthemos georgiades net worth Your email address is 100% safe from spam! Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. 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. I met Russel who [04:01] engineering products through just the personal connections in London. Like what have you seen that really works? Anthemos Georgiades: Yeah. You can filter down by city and . And it is the culture that keeps people here, not the compensation or anything else. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. 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. Alejandro: Got it. Anthemos Georgiades: Yeah. 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? I mean I think at seed round its like an [26:02]. And the biggest change in the series C I just raised versus in the early days is having a CFO. Meaning hey, we send you a ton of leads this month that close in to leases. All of it is going to be important and it will come out at the right stage. 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. 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 I guess for a marketplace or lets say for the people that are listening to us like what kind of metrics do you think for the most part if were talking about hyper growth companies, like they should be a little bit more mindful about? 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. "These markets had a huge net migration from New York and California, and they have held up," he says. So how did you meet your cofounders? See How I Can Help You With Your Fundraising Efforts. 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 I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Absolutely. Anthemos Georgiades: Yeah. Had worked at the Boston Consulting Group. Your third month is getting kind of diligence done and getting the wires in to the door. It is ultimately the culture. Got it. Yeah. Budget in my opinion perhaps should be allocated to something else. 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. 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. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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. Got it. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. So tell me your story a little bit here, Anthemos. Your second month you spend getting term sheets and documents signed. Get 5 free searches. How many listings do we have on the site? Got it. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Anthemos Georgiades: Its part of the game. 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. Thats quite motivating for people. Anthemos Georgiades. 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. Zumper CEO & Co-Founder Anthemos Georgiades makes renting an apartment as easy as booking a hotel, shares insights on monetizing marketplaces, diversifying r. Thats just part of the game. 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. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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? Two sided marketplaces are so difficult. And in terms of preparation, Anthemos, how has the preparation like preparing before going to market to start engaging investors, how have you seen with your business, with Zumper, how have you seen that changed over time as the rounds were maturing? 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. Anthemos Georgiades is the CEO and co-founder at Zumper. 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 Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Saying that, in the early days you kind of need to bring on all the capital that you can. 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. So I wouldnt be too picky early. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Look how quickly our revenue are scaling. Hello, everyone, to the DealMakers Show. Tanguy Le Louarn Chief Product Officer. Got it and before we actually dive in to the journey here, so consulting and. 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. Dave Costantino Staff Engineer - Backend. Rocketreach finds email, phone & social media for 450M+ professionals. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. 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: Yeah. 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. Your job as the CEO and the founder is to convince your investors of the reason to do this. You know its interesting that you mentioned the chicken and the egg. 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. Got it. How do you take a company with those tractions, 10 million in revenue. But theres no right answer in business. 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. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. 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. 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. Alejandro: Got it. 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 have no experience doing that. This show is about storytelling and all the elements that go into telling the perfect fundraising story. Keeping good lines of communication open can solve many landlord/tenant problems. Im so glad I did it. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. So in the first two years, Zumper is now [07:52] $90 million in capital. 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. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. Your second month you spend getting term sheets and documents signed. Got it. Theres never like an exact number you need like when Uber raised money or you know Zillow raised money, theres never like a number they have to be at. Anthemos Georgiades: Yeah. Georgiades founded Zumper after his own . 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. After that, it changed to more consumer. So I think three months is an efficient round. They are brilliant about. 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. It was like $46 million. It just really helps to divide and conquer like that while I was meeting new investors again. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. I think at that stage it makes sense. 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 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. 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. Got it. How flat is the company? 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]. Over-Communication. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. 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 it doesnt always work out and I think thats fine. Well, Anthemos, it has been a pleasure to have you on the show. He was with HBS 10 years ago. 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. Anthemos Georgiades: Yeah. So I think three months is an efficient round. Got it. 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. 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. We saw it would take three to six months to integrate Pat Mapper and their backend that engineering project we worked really hard and quickly just over a year to integrate so we underestimated like how much work was required to integrate them by 3x. 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. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. "While many markets cool off during the winter, Miami is still posting month-over-month increases. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Two sided marketplaces are so difficult. So today, we have another founder and another one that is quite successful in their own paths. 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. Anthemos Georgiades. Were growing very quickly but none of that was true obviously in the first two years. It was not something Ive really ever thought about before. You start to build depth and management structures. Of course. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. I think Id say forget everything you think you know and everything, your education [38:28]. And so I finally just gave in and thought no one is going to build this. His passion for relieving the stress for others in . And the biggest change in the series C I just raised versus in the early days is having a CFO. Anthemos Georgiades: Yeah. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. 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 then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Absolutely. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. 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. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. It was incredibly difficult. If you want me to do your fundraising for you, click here. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Now my cofounders were phenomenal in bringing them to meetings. Saying that, in the early days you kind of need to bring on all the capital that you can. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. 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. Whats your story and most importantly, how did you get started with the entrepreneurial bug? And were just a little earlier than obviously a public company so our gross is spikier.

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