So what is the best way, Anthemos, for people that are listening to reach out and say hi? Got it. Retention is something I think about every day. And were just a little earlier than obviously a public company so our gross is spikier. Alejandro: Got it. I grew up in London. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. Got it. Had worked at the Boston Consulting Group. Alejandro: Fantastic. June 12, 2022 . 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. 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. 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. anthemos georgiades net worth. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Stay informed using all the free online rental data out there (like Zumper's national rent report). And investors love that story because its easy to believe that you can continue to do that. So lets talk about Zumper here. 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. Well, first of all, your point about quashing the egg and shooting the chicken. 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. 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. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. I think just up front boundaries before you close the round is super important. Anthemos Georgiades is the co-founder and CEO of Zumper. Great question. 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. Thats just part of the game. Yeah. If you want me to do your fundraising for you, click here. Anthemos Georgiades: Hey, thanks for having me. And so I wouldnt be too pressured. Yeah. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Yeah. 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. 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. So all good companies have multiple offers on the table. So tell me your story a little bit here, Anthemos. Your job is to raise capital and your job is to kind of hire and retain the best talents. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Never thought Id be an entrepreneur. And I mean its quite a few cofounders. Were growing very quickly but none of that was true obviously in the first two years. Shalin Amin Chief Experience Officer. 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. Over-Communication. It was not something Ive really ever thought about before. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. . Yeah. So M&A are strategic [33:48]. 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 mean I called it like a cheat [33:33] my team. 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. There could be investors who are fantastic. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. Anthemos Georgiades: Yeah. Your job as the CEO and the founder is to convince your investors of the reason to do this. 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. rex harrison audrey hepburn relationship. 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. Make sure tenants understand why things are . Anthemos Georgiades: Yeah. Yeah. 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. Russell Middleton Co-Founder. 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 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. You know its interesting that you mentioned the chicken and the egg. 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. It was not something Ive really ever thought about before. And it is the culture that keeps people here, not the compensation or anything else. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. And were they like obviously now youre opening here the cap table to a different breed and I guess when that happen probably at a strategic level lets say from a board perspective or something you know, maybe you receive some type of recommendations whether it was with this corporation or with other corporations as to what perhaps to look for and what to avoid. At series A, you got to show product market set in a sub vertical. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Absolutely. There could be investors who are fantastic. See How I Can Help You With Your Fundraising Efforts. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Of course and I agree with you there, Anthemos. I think just up front boundaries before you close the round is super important. Anthemos Georgiades: Yeah, sure. This show is about storytelling and all the elements that go into telling the perfect fundraising story. 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. This pellet stove is a good heating solution for a smaller rather than a . 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? Hello, everyone, to the DealMakers Show. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. All photos courtesy of Forbes Councils members. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. 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. In terms of investors, I guess two comments. You start to build depth and management structures. So in the first two years, Zumper is now [07:52] $90 million in capital. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Anthemos Georgiades: Yeah. 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 guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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 like I have one thing to follow up on this. Anthemos Georgiades: Yeah. I think at that stage it makes sense. Thats quite motivating for people. Keeping good lines of communication open can solve many landlord/tenant problems. It seemed crazy that the real estate industry wasnt moving towards on demand. 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. In the early days, youre going to need to take all the capital you can get. Alejandro: Got it. Alrightee. Get a custom action plan and all the help that you need to start raising more capital. No. Budget in my opinion perhaps should be allocated to something else. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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. 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. I have no experience doing that. Had worked at the Boston Consulting Group. It happened but I wouldnt say its like an obvious part. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. 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? Over time, its great to be able to bring in your team. 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. 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. 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 saw for example Axle Springer which is you know more kind of like the corporate. So that was great. Township Of Ocean Police Department. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate.

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