Alejandro: Of course and I agree with you there, Anthemos. Well, Anthemos, it has been a pleasure to have you on the show. Your third month is getting kind of diligence done and getting the wires in to the door. 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. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Every company is completely different and theres no gold standard. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Think Masterclass for Management. 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. Likewise. I think just up front boundaries before you close the round is super important. Got it. Your job as the CEO and the founder is to convince your investors of the reason to do this. 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. Tanguy Le Louarn Chief Product Officer. Well, first of all, your point about quashing the egg and shooting the chicken. Your email address is 100% safe from spam! Anthemos Georgiades. 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. Whats your story and most importantly, how did you get started with the entrepreneurial bug? In the early days, youre going to need to take all the capital you can get. Its just part of the game and it doesnt [24:30]. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 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? He discovered that the marketplace doesnt work for renters, and the idea for Zumper was born with the goal of evening the playing field and increasing transparency in the marketplace. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. 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? In terms of investors, I guess two comments. So seed, series A, series B, series C, I was always the point person in the fundraise. So for the business, Anthemos, how much capital have you guys raised today? Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. 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. We also actually had a really wonderful fourth cofounder whos no longer with us. 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]. I met Russel who [04:01] engineering products through just the personal connections in London. 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. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. Anthemos Georgiades: Hey, thanks for having me. Thats just part of the game. And as you know as and your listeners know, youre going to get a lot of nos on the way. 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. 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. Anthemos Georgiades CEO and co-founder. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Alejandro: Of course. 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. Taylor Glass-Moore Co-Founder. Alejandro: Got it. 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]. Thank you so much. Hes raising money now. 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? 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 it doesnt always work out and I think thats fine. Like many of our most successful entrepreneurs. Of course. So what is the best way, Anthemos, for people that are listening to reach out and say hi? The one unifying theme in every fundraising Ive run is momentum. 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. So I saw for example Axle Springer which is you know more kind of like the corporate. I mean I think at seed round its like an [26:02]. 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. How does the day to day at Zumper work? I think just up front boundaries before you close the round is super important. So the series B, weve done story now look at how quickly the renters are growing on the platform. Were growing very quickly but none of that was true obviously in the first two years. Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Like what have you seen that really works? In terms of investors, I guess two comments. So you acquire not long ago Pat Mapper and how did this come together? How flat is the company? They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. 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. Alejandro: Got it. Russell Middleton Co-Founder. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. So Anthemos, whats the business model here? 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? 1. Anthemos Georgiades: Yeah. And so I wouldnt be too pressured. Its not about the ski trips and any of that you know. Anthemos Georgiades is the co-founder and CEO of Zumper. "While many markets cool off during the winter, Miami is still posting month-over-month increases. Anthemos Georgiades: Yeah. Youre exactly right. So how did you meet your cofounders? 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. 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. I love 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. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. You start to build depth and management structures. 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. "These markets had a huge net migration from New York and California, and they have held up," he says. 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. You just cant get spooked. 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. And so as you mature you look for a different kind of investor and that naturally tends to happen. With a diverse background that includes consulting for Boston Consulting Group and serving as Economic Advisor and speechwriter in the 2010 British Election, Anthemos founded Zumper in 2012 after his own terrible rental experience. Got it. So how did you meet your cofounders? Got it and before we actually dive in to the journey here, so consulting and. Terms & Conditions! anthemos georgiades net worth. 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 is not suppose to be easy. 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. 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. 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. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. And as you know as and your listeners know, youre going to get a lot of nos on the way. I grew up in London. 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 in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Well, first of all, your point about quashing the egg and shooting the chicken. But oh we must have had like 20 persons or 20 people say not now or later. Youre supposed to try six things that dont work. 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. For me, its Zumper, an apartment rental platform. And were just a little earlier than obviously a public company so our gross is spikier. Anthemos Georgiades: 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. 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. 1.4.1 - Provisions of this Code Declared . Im so glad I did it. 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. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. 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]. 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. Got it. So it was never I want to be an entrepreneur journey. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. 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? Alejandro: Fantastic. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Were growing very quickly but none of that was true obviously in the first two years. 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? 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. At series A, you got to show product market set in a sub vertical. 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. Yeah. Im so glad I did it. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. Yeah, sure. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. You are going to get a bunch of nos so I wouldnt rule people out too early. 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. 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? In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. So tell me your story a little bit here, Anthemos. So Anthemos, theres always a first time and you know I guess this is the first time in the history of the DealMakers Show that Im able to interview someone that has been involve on the M&A but more on the buy side. Make sure tenants understand why things are . 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 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. 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. Additionally, Anthemos Georgiades has had 2 past jobs including Consultant at The Boston Consulting Group. So I think three months is an efficient round. 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. Its hard. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. 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.
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