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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. 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. 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. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Published by at June 13, 2022. So we tell the small landlords, Hey, dont just advertise in Zumper. It was like $46 million. And frankly, the process is a pain in the ass. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Were growing very quickly but none of that was true obviously in the first two years. Alejandro: Got it. They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. I mean at the end of the day, building and scaling companies especially when youre at the early stages is all about survival and its all about learning to be with each other behind the trenches and really going to war and having each others backs. It was not something Ive really ever thought about before. Over-Communication. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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 going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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. 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 tell me your story a little bit here, Anthemos. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. 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 it is the culture that keeps people here, not the compensation or anything else. But I will say the one thing is true is that you always raise on momentum. Your third month is getting kind of diligence done and getting the wires in to the door. So it doesnt always work out and I think thats fine. Got it. So lets talk about Zumper here. I dont think theres a startup I could have launched that taught me more. Alejandro: 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? So I as British person moving to Silicon Valley in 2012 I have never run a startup before. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. Got it. It happened but I wouldnt say its like an obvious part. So what was that process like you were talking about, yes, your network of Harvard but can you share with us like what was that process of landing Kleiner on your seed round? This show is about storytelling and all the elements that go into telling the perfect fundraising story. 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. Anthemos Georgiades. And I mean its quite a few cofounders. Theyre both incredibly smart as are my executive team who are also like critical to fundraise where Ill go in and sell the vision often alone. It seemed crazy that the real estate industry wasnt moving towards on demand. But theres no right answer in business. See How I Can Help You With Your Fundraising Efforts. 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. It was like $46 million. 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? Every company is completely different and theres no gold standard. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. June 12, 2022 . So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. You start to build depth and management structures. 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. Alejandro: So I guess like I have one thing to follow up on this. Of course and I agree with you there, Anthemos. In terms of investors, I guess two comments. Anthemos and Russell met in London while working at a consulting company back in 2006, but it was after they moved to the U.S and experienced the pain of finding a place to live that they decided to found Zumper along with Taylor Glass-Moore and Leah Jones. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. I grew up in London. 1.4.1 - Provisions of this Code Declared . Had worked in politics. 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. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Had worked in politics. Really good strategy to differentiate the demographics and were super happy with how it went down. anthemos georgiades net worth. In the early days, youre going to need to take all the capital you can get. Try for free at rocketreach.co Saying that, I have connections through both business school and previous people that have gone through BCG venture capital and most of your listeners and entrepreneurs will know so much of this is about like getting warm introductions to VCs so I did have a couple of cheats to get in through the network or through the BCG network. 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. 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. Your second month you spend getting term sheets and documents signed. 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 knew the CEO for a while. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. Well, Anthemos, it has been a pleasure to have you on the show. Got it. Anthemos Georgiades: Yeah. Zumper Board Member Related Hubs So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. So the series B, weve done story now look at how quickly the renters are growing on the 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. I think Id say forget everything you think you know and everything, your education [38:28]. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. 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. Really, really nice to have you here and excited for the chat that we have ahead here. And investors love that story because its easy to believe that you can continue to do that. Its a Greek name, British accent. 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. They are brilliant about. 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. And I mean its quite a few cofounders. Theyre both incredibly smart as are my executive team who are also like critical to fundraise where Ill go in and sell the vision often alone. 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. When you look your cofounders, your team in the eye and you know theyre ready to go and theyre resilient and they come back in to build and try the next thing and youve kind of worked out together this is part of the game. You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. Got it. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. 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. Whats your story and most importantly, how did you get started with the entrepreneurial bug? 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. Had worked at the Boston Consulting Group. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Not really actually. Yeah. 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. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. So what is the best way, Anthemos, for people that are listening to reach out and say hi? 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. 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. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. Got it. Yeah. 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. 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. Yeah. He was with HBS 10 years ago. It is your job not just to do the day to day but once or twice a year you should be doing stuff that has a completely linear outcome where one day youre doing you know 3 million users a month and the next day youre doing 5 million users a month.