Anthemos Georgiades (Zumper) | Startup Grind Anthemos Georgiades, Zumper Inc: Profile and Biography And did you diversify this responsibility with the other cofounders or was there one of you guys that has always been leading the chart on the financing side? Terms & Conditions! Alejandro: Of course. Well, first of all, your point about quashing the egg and shooting the chicken. 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. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. In terms of investors, I guess two comments. 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. Got it. 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. 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. There could be investors who are fantastic. Got it. So what is the best way, Anthemos, for people that are listening to reach out and say hi? Alejandro: Alrightee. Im so glad I did it. At series A, you got to show product market set in a sub vertical. Retention is something I think about every day. 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. Got it. anthemos georgiades net worth Thats just part of the game. Look how quickly our revenue are scaling. 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. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. Anthemos Georgiades, Author at The Zumper Blog 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. 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. So we tell the small landlords, Hey, dont just advertise in Zumper. At series A, you got to show product market set in a sub vertical. Georgiades founded Zumper after his own . So I think three months is an efficient round. Were growing very quickly but none of that was true obviously in the first two years. Township Of Ocean Police Department. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. Its a good question. So lets talk about Zumper here. 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. 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. Absolutely. So for the business, Anthemos, how much capital have you guys raised today? 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? 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? It seemed crazy that the real estate industry wasnt moving towards on demand. Really good strategy to differentiate the demographics and were super happy with how it went down. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. The one unifying theme in every fundraising Ive run is momentum. Alejandro: Got it. You are going to get a bunch of nos so I wouldnt rule people out too early. So Im completely there with you. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. Whats your story and most importantly, how did you get started with the entrepreneurial bug? So thats how Zumper got started. It was like $46 million. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Hello, everyone, to the DealMakers Show. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Rental listing startup with more than 26 million users. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. So it doesnt always work out and I think thats fine. I kind of looked through in Crunchbase which connections I have into which fund. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The 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. 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. 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 in the first two years, Zumper is now [07:52] $90 million in capital. So tell me your story a little bit here, Anthemos. We both wanted to be entrepreneurs. This pellet stove is a good heating solution for a smaller rather than a . And investors love that story because its easy to believe that you can continue to do that. Got it. 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. Alejandro: Of course and I agree with you there, Anthemos. 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. I grew up in London. You can filter down by city and . It is not suppose to be easy. Well, Anthemos, it has been a pleasure to have you on the show. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. 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 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. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. Yeah. Got it. Got it. 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. Alejandro: Got it. I didnt think that either of them originally. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. Anthemos Georgiades. I think just up front boundaries before you close the round is super important. 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. It happened but I wouldnt say its like an obvious part. 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. 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. 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. And so I wouldnt be too pressured. Now my cofounders were phenomenal in bringing them to meetings. 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. For every successful fundraise, every single company have a lot of nos. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Alejandro: Got it. 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. Russell Middleton Co-Founder. Alejandro: Got it. Got it. Like what have you seen that really works? 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 today, we have another founder and another one that is quite successful in their own paths. I knew the CEO for a while. I was just talking to a friend of mine about this. "These markets had a huge net migration from New York and California, and they have held up," he says. I have no experience doing that. And the biggest change in the series C I just raised versus in the early days is having a CFO. 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.
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