So Anthemos, whats the business model here? So how did you meet your cofounders? It has to be me and thats how I started the company six years ago after business school. It is not suppose to be easy. Over time, its great to be able to bring in your team. So thats how Zumper got started. 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. Absolutely. Vishal Makhijani President & COO. Alejandro: So Im completely there with you. 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 without further ado, Anthemos Georgiades from Zumper, welcome aboard. And the biggest change in the series C I just raised versus in the early days is having a CFO. This pellet stove is a good heating solution for a smaller rather than a . It looks better for investors and it makes your life easier. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. So in the first two years, Zumper is now [07:52] $90 million in capital. It was not something Ive really ever thought about before. 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. Youre right that is wrong advice. So all good companies have multiple offers on the table. 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. Absolutely. If you want me to help you with your fundraising, just book a call. I mean I called it like a cheat [33:33] my team. And so as you mature you look for a different kind of investor and that naturally tends to happen. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. June 12, 2022 . 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. 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. So I think three months is an efficient round. How much respect is there? She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. One is I wouldnt be too pressured about it too early. Of course. So we bought them. You look at your cofounders and you know that they understand that and that theyre not freaking out, that is where you build real institutional culture and then you try and grow that across the team. Got it. So tell me your story a little bit here, Anthemos. 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. Never thought Id be an entrepreneur. In terms of investors, I guess two comments. Yeah. 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. So M&A are strategic [33:48]. I grew up in London. Meaning hey, we send you a ton of leads this month that close in to leases. Your job is to raise capital and your job is to kind of hire and retain the best talents. In the early days we love the exposure to Silicon Valley investors. Anthemos Georgiades: Yeah. I think Id say forget everything you think you know and everything, your education [38:28]. Alejandro: Got it. 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: Yeah. 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. Prices can change quickly! . Anthemos Georgiades. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. 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. 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. 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. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. 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. Got it. Got it. 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. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. 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. So I guess for those listeners that are looking at acquiring other companies to perhaps grow a little bit faster, what kind of advice would you give to them? So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. All photos courtesy of Forbes Councils members. Now my cofounders were phenomenal in bringing them to meetings. Likewise. We love our investors. Got it. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Youre supposed to try six things that dont work. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. 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 I as British person moving to Silicon Valley in 2012 I have never run a startup before. And so I finally just gave in and thought no one is going to build this. You kind of just all in [06:39] I think where the carving of the rose start to happen for me around 10, 12 people where you no longer just have [06:49]. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. 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. So today, we have another founder and another one that is quite successful in their own paths. I mean your job moves from doing jobs in the first few years. 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? So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Yeah. So yes, we have a great cap table. Youre right that is wrong advice. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Great question. glendale, az police activity today; archer lodge middle school calendar. Well, Anthemos, it has been a pleasure to have you on the show. So lets talk about Zumper here. It was like $46 million. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. 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. Alejandro: Of course and I agree with you there, Anthemos. 1.4.1 - Provisions of this Code Declared . So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? 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, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service, How to leverage your network for introductions, The importance of your metrics leading up to the, Expectations from investors during the different. Alejandro: Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Yeah. Your job as the CEO and the founder is to convince your investors of the reason to do this. So the series B, weve done story now look at how quickly the renters are growing on the platform. So I saw for example Axle Springer which is you know more kind of like the corporate. 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. 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. 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. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. 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: Yeah. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? 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? 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. 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. It happened but I wouldnt say its like an obvious part. Budget in my opinion perhaps should be allocated to something else. 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. I met Russel who [04:01] engineering products through just the personal connections in London. Additionally, Anthemos Georgiades has had 2 past jobs including Consultant at The Boston Consulting Group. Look how quickly our revenue are scaling. And as you know as and your listeners know, youre going to get a lot of nos on the way. Your job is to raise capital and your job is to kind of hire and retain the best talents. Alejandro: Got it and before we actually dive in to the journey here, so consulting and business school, this is a few things that I typically hear so from some of our other guests. So the series B, weve done story now look at how quickly the renters are growing on the platform. Yeah, sure. Anthemos Georgiades. Its hard. Retention is something I think about every day. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Alejandro: 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? It was incredibly difficult. 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. Anthemos Georgiades: Oh yeah, on the seed round back in 2012, we had probably five investors come in to the seed round so we kind of had five yeses who put in small checks. 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. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. Got it. Im so glad I did it. 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. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. A lot of business schools was how to make decisions with imperfect information. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. 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. 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. 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? Got it. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. So I guess lets say we had the opportunity to put you in front of your younger self, Anthemos, in 2012 before you were to close that seed round, what would be that piece of advice that you would give to your younger self with everything that youve learned having this journey ahead of you? Got it. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. You are going to get a bunch of nos so I wouldnt rule people out too early. Of course. 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. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. 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. Its a Greek name, British accent. Really, really nice to have you here and excited for the chat that we have ahead here. Got it. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Alejandro: Got it. 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? 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.
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