I love it. And for you I guess personally and professionally because I think they both come together, so how has your leadership and management skills changed over the time from leading the company of lets say four to ten folks initially to a company of over a hundred employees? 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 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. 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. To give you odds, at the seed stage and the series A stage of growth cuts, all about supply side where a two sided marketplace chicken an egg, on day zero you have no renters and no landlords, how do you solve that? 1.4.1 - Provisions of this Code Declared . I mean if you could give some kind of like tips you know both fronts it would be really fantastic. Really good strategy to differentiate the demographics and were super happy with how it went down. So we bought them. And for you I guess personally and professionally because I think they both come together, so how has your leadership and management skills changed over the time from leading the company of lets say four to ten folks initially to a company of over a hundred employees? We envisioned a world in which a renter can find apartments, book in [tour 10:18], turn up the [10:21] and if they want to take the apartment pre-qualify, leave a deposit and book the apartment. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. It happened but I wouldnt say its like an obvious part. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Alejandro: So I guess like I have one thing to follow up on this. I think if you set these expectations from the very beginning that are super important. "These markets had a huge net migration from New York and California, and they have held up," he says. Your job as the CEO and the founder is to convince your investors of the reason to do this. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Got it. Every company is completely different and theres no gold standard. 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. Alejandro: Got it. 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 seed, series A, series B, series C, I was always the point person in the fundraise. Got it. 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. 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 strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Well, first of all, your point about quashing the egg and shooting the chicken. So seed, series A, series B, series C, I was always the point person in the fundraise. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. 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. And investors love that story because its easy to believe that you can continue to do that. All of it is going to be important and it will come out at the right stage. Your third month is getting kind of diligence done and getting the wires in to the door. 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? glendale, az police activity today; archer lodge middle school calendar. Got it. We also actually had a really wonderful fourth cofounder whos no longer with us. A lot of business schools was how to make decisions with imperfect information. Anthemos Georgiades: Yeah. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. I dont think theres a startup I could have launched that taught me more. Anthemos Georgiades: Its part of the game. And the biggest change in the series C I just raised versus in the early days is having a CFO. So I saw for example Axle Springer which is you know more kind of like the corporate. And so I finally just gave in and thought no one is going to build this. Anthemos Georgiades CEO and co-founder. 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: Yeah. We love our investors. 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. 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 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. A lot of it was completely bottom up. Yeah. Culture is everything and so investing in people making sure I as the CEO spend a lot of time as much as possible with people who dont report to me is absolutely critical and that is ultimately like the fabric on how most companies are run. 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? So Im completely there with you. 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. 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. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . But was drawn in to it just to solve a problem as I think so many entrepreneurs are. Two sided marketplaces are so difficult. Make sure tenants understand why things are . Yeah. 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. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The Top Venture Capital Firms by Alejandro Cremades Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Vishal Makhijani President & COO. The one unifying theme in every fundraising Ive run is momentum. We also actually had a really wonderful fourth cofounder whos no longer with us. So you acquire not long ago Pat Mapper and how did this come together? How many landlords did we have on the site? Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Well, Anthemos, it has been a pleasure to have you on the show. Stay informed using all the free online rental data out there (like Zumper's national rent report). Got it. Got it. And in terms of preparation, Anthemos, how has the preparation like preparing before going to market to start engaging investors, how have you seen with your business, with Zumper, how have you seen that changed over time as the rounds were maturing? At scale you get to do that and have those teams. If you want me to help you with your fundraising, just book a call. And I mean its quite a few cofounders. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. I didnt think that either of them originally. So Anthemos, whats the business model here? 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. There could be investors who are fantastic. 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. 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. Thats your job. Anthemos Georgiades: Yeah. I think Id say forget everything you think you know and everything, your education [38:28]. 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. Retention is something I think about every day. Pat Mapper caters to 25 and under and kind of big college populations. They are brilliant about. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. I think if you set these expectations from the very beginning that are super important. So I think as your company matures, you look for investors that have something that you dont have and so for us, were not yet doing $100 million in revenue. I grew up in London. Like what have you seen that really works? I mean your job moves from doing jobs in the first few years. It was incredibly difficult. 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. 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. So I think as your company matures, you look for investors that have something that you dont have and so for us, were not yet doing $100 million in revenue. 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. 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]. Got it. Now my cofounders were phenomenal in bringing them to meetings. 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. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. All of it is going to be important and it will come out at the right stage. 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. You just cant get spooked. 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 we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. The one unifying theme in every fundraising Ive run is momentum. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Anthemos Georgiades is the co-founder and CEO of Zumper. 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. 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. So that was great. How did you find these investors? 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 is not suppose to be easy. Anthemos Georgiades: Yeah, sure. 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 so just be prepared that however smart, however many smart people have looked the deal and thought about whether it will work, it always take a little bit more time than you think it will to integrate because theres always some gremlin kind of hiding in the works that youre going to find. It was like $46 million. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. 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. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. I dont think theres a startup I could have launched that taught me more. Got it. Hello, everyone, to the DealMakers Show. anthemos georgiades net worth. 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? It happened but I wouldnt say its like an obvious part. So lets talk about Zumper here. And the biggest change in the series C I just raised versus in the early days is having a CFO. Got it. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. In the early days, youre going to need to take all the capital you can get. How flat is the company? Got it. Thank you so much. The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. Really, really nice to have you here and excited for the chat that we have ahead here. 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. You know its interesting that you mentioned the chicken and the egg. 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. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Absolutely. So it was never I want to be an entrepreneur journey. Youre supposed to try six things that dont work. Got it. So the series B, weve done story now look at how quickly the renters are growing on the platform. 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. 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. Anthemos Georgiades: Yeah. 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. So how did you meet your cofounders? Im so glad I did it. 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? Over-Communication. I grew up in London. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? In the early days, youre going to need to take all the capital you can get. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. So we bought them. Yeah. No. Got it. 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. Alejandro: Fantastic. 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. Your job is to raise capital and your job is to kind of hire and retain the best talents. So we tell the small landlords, Hey, dont just advertise in Zumper.