How flat is the company? He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. So you acquire not long ago Pat Mapper and how did this come together? 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. glendale, az police activity today; archer lodge middle school calendar. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. So Anthemos, whats the business model here? So you acquire not long ago Pat Mapper and how did this come together? So we bought them. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. Well, today's guest noticed that experience and wanted to improve it. Terms & Conditions! 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? Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. 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. I didnt think that either of them originally. Anthemos Georgiades: No. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. In terms of investors, I guess two comments. So how did you meet your cofounders? His passion for relieving the stress for others in . Its not about the ski trips and any of that you know. Make sure tenants understand why things are . 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. 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. Please subscribe to unlock this content. Alejandro: So Im completely there with you. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Well, Anthemos, it has been a pleasure to have you on the show. [06:54] the early days and it worked where there was just all hands to the pump. Every company is completely different and theres no gold standard. Oh wow, good question. 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. Had worked at the Boston Consulting Group. Anthemos Georgiades is the co-founder and CEO of Zumper. 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 we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. 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. At series A, you got to show product market set in a sub vertical. Thats quite motivating for people. But I will say the one thing is true is that you always raise on momentum. You start to build depth and management structures. Alejandro: Got it. 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? True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. There could be investors who are fantastic. Got it. How many landlords did we have on the site? Look how quickly our revenue are scaling. Stay informed using all the free online rental data out there (like Zumper's national rent report). Likewise. 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. Whats your story and most importantly, how did you get started with the entrepreneurial bug? He had actually interviewed me for a job at a different consulting firm and we stayed in touch. How does the day to day at Zumper work? Hello, everyone, to the DealMakers Show. So today, we have another founder and another one that is quite successful in their own paths. Two sided marketplaces are so difficult. anthemos georgiades net worthperpetual futures binance. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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? Whats your story and most importantly, how did you get started with the entrepreneurial bug? 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? So you know I think Axle Springer very used to appraising companies that match their scale. Got it. I think if you set these expectations from the very beginning that are super important. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Thats your job. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. We love our investors. How flat is the company? Im the CEO and Ive always felt that it was my responsibility to do the fundraising. 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. It was always a man, there is a really tough problem that consumers experience and no one is solving it. Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. Every company is completely different and theres no gold standard. And were just a little earlier than obviously a public company so our gross is spikier. Saying that, in the early days you kind of need to bring on all the capital that you can. How many listings do we have on the site? And it is the culture that keeps people here, not the compensation or anything else. 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. 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. 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. I think Id say forget everything you think you know and everything, your education [38:28]. 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. Hello, everyone, to the DealMakers Show. 1. I think Id say forget everything you think you know and everything, your education [38:28]. 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. 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. Likewise. Anthemos Georgiades: Yeah. Absolutely. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Had worked in politics. 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. Vishal Makhijani President & COO. Got it. Had worked at the Boston Consulting Group. Alejandro: Got it. Anthemos Georgiades: Yeah. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. And [14:42] in Silicon Valley is married to [graphics 14:43] mostly in terms of great companies just break out and succeed [agnostic 14:48] as to where people went to college or if they came from a wealthy or poor family. 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? 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. Anthemos Georgiades: Yeah. So the series B, weve done story now look at how quickly the renters are growing on the platform. It seemed crazy that the real estate industry wasnt moving towards on demand. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? 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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. Its just part of the game and it doesnt [24:30]. 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. 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. At college in the UK, Ive had like multiple [00:58] renting apartments. I didnt think that either of them originally. 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. A lot of that is in the bank. Alejandro: Got it. 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: Yeah. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. Anthemos Georgiades: Yeah. I have no experience doing that. So Id say your first month you spend like getting first, second, third meeting. 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. Had worked in politics. So seed, series A, series B, series C, I was always the point person in the fundraise. For me, its Zumper, an apartment rental platform. All photos courtesy of Forbes Councils members. A lot of that is in the bank. So we tell the small landlords, Hey, dont just advertise in Zumper. Rental listing startup with more than 26 million users. Well, Anthemos, it has been a pleasure to have you on the show. Youre exactly right. It looks better for investors and it makes your life easier. It was like $46 million. 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. Alejandro: Got it. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. 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; glendale, az setback requirements. ! Anthemos Paul Georgiades has been associated with one company, according to public records. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. 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. So we have several million users using our platform every month now which is great and next year we wanted tens of millions of users a month and were poised to doing that. Taylor Glass-Moore Co-Founder. You are going to get a bunch of nos so I wouldnt rule people out too early. Never thought Id be an entrepreneur. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. 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 saw for example Axle Springer which is you know more kind of like the corporate. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. 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. 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. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. Were growing very quickly but none of that was true obviously in the first two years. One is I wouldnt be too pressured about it too early. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. 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. Thank you so much. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. hendrick motorsports hats; anthemos georgiades net worth Of course. I grew up in London. So I guess like I have one thing to follow up on this. In the early days we love the exposure to Silicon Valley investors. Hes raising money now. 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 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. 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. 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. 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 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. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. It has to be me and thats how I started the company six years ago after business school. 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. 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. 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. Alejandro: Got it. 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. And as you know as and your listeners know, youre going to get a lot of nos on the way. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Got it. Got it. 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. 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. For me, its Zumper, an apartment rental platform. 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. Your job is to raise capital and your job is to kind of hire and retain the best talents. Alejandro: Got it. Meaning hey, we send you a ton of leads this month that close in to leases. Yeah. Like what have you seen that really works? So it doesnt always work out and I think thats fine. All of it is going to be important and it will come out at the right stage. 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. Absolutely. It is not suppose to be easy. 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. Were growing very quickly but none of that was true obviously in the first two years. 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 one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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 knew the CEO for a while. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. For every successful fundraise, every single company have a lot of nos. 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. 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]. 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. 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. There was no book [01:41]. Prices can change quickly! It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. You know its interesting that you mentioned the chicken and the egg. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. 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.
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