anthemos georgiades net worth

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. So that was great. I didnt think that either of them originally. Ill set the first couple of meetings often alone but its been wonderful as weve grown our executive team to be able to bring like our VP of sales, our head of grow, our CPO in to the meetings afterwards when they want to meet the team. The one unifying theme in every fundraising Ive run is momentum. So I guess like I have one thing to follow up on this. Of course. Russell Middleton Co-Founder. How much respect is there? I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. But I will say the one thing is true is that you always raise on momentum. ! Think Masterclass for Management. 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. So I wouldnt be too picky early. 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. Got it. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. You are going to get a bunch of nos so I wouldnt rule people out too early. I grew up in London. 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 the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Anthemos Georgiades CEO at Zumper United States 4K followers 500+ connections Join to view profile Zumper Harvard Business School Websites Websites Company Website http://www.zumper.com Company. You start to build depth and management structures. 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. I was just talking to a friend of mine about this. 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. Im so glad I did it. So I guess for a marketplace or lets say for the people that are listening to us like what kind of metrics do you think for the most part if were talking about hyper growth companies, like they should be a little bit more mindful about? Anthemos Georgiades: Yeah. Got it. Anthemos Georgiades: Yeah. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Got it. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. 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 tell me your story a little bit here, Anthemos. Got it. Get a custom action plan and all the help that you need to start raising more capital. 1.4.1 - Provisions of this Code Declared . In the early days, youre going to need to take all the capital you can get. 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. 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. 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. 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. I think just up front boundaries before you close the round is super important. Thats your job. 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. How flat is the company? For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. 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. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Got it. A lot of it was completely bottom up. 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. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. At college in the UK, Ive had like multiple [00:58] renting apartments. 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. 1. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. 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. 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. 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. So lets talk about Zumper here. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. 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? Alejandro: Got it. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Just enter your email below. Your job as the CEO and the founder is to convince your investors of the reason to do this. Got it. For me, its Zumper, an apartment rental platform. And were just a little earlier than obviously a public company so our gross is spikier. Of course. Its a Greek name, British accent. I kind of looked through in Crunchbase which connections I have into which fund. Got it. 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. Weve only been working with Axle Springer for four months now but they are fantastic. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. 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. Alejandro: So I guess like I have one thing to follow up on this. Got it. 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. We love our investors. 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? It seemed crazy that the real estate industry wasnt moving towards on demand. 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? 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. Alejandro: 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. 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. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. There was no book [01:41]. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. 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? Tanguy Le Louarn Chief Product Officer. Back to Meet the San Francisco Business Times' 40 under 40 Class of 2018. But I will say the one thing is true is that you always raise on momentum. If you want me to do your fundraising for you, click here. I met Russel who [04:01] engineering products through just the personal connections in London. 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. Now my cofounders were phenomenal in bringing them to meetings. Hello, everyone, to the DealMakers Show. At series B, you got to show product market set across the board with the revenue and then at series C, you got to show real traction and real revenue and a proper P&L. Hello, everyone, to the DealMakers Show. Rental listing startup with more than 26 million users. Anthemos Georgiades: No. And so as you mature you look for a different kind of investor and that naturally tends to happen. Alejandro: Got it. It is not suppose to be easy. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? 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. Fantastic. We love our investors. Anthemos Georgiades: Yeah. Keeping good lines of communication open can solve many landlord/tenant problems. 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. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. It was like $46 million. So for the business, Anthemos, how much capital have you guys raised today? So M&A are strategic [33:48]. I have no experience doing that. 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 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. 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]. Over time, its great to be able to bring in your team. Were growing very quickly but none of that was true obviously in the first two years. I met Russel who [04:01] engineering products through just the personal connections in London. Had worked in politics. So you acquire not long ago Pat Mapper and how did this come together? Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. And the biggest change in the series C I just raised versus in the early days is having a CFO. So thats how Zumper got started. Got it. I mean I think at seed round its like an [26:02]. Alejandro: Got it. 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? Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. At college in the UK, Ive had like multiple [00:58] renting apartments. 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? So that was great. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. 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. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. Alejandro: Got it. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. 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. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. August 4, 2020. Anthemos Georgiades. At series A, you got to show product market set in a sub vertical. There could be investors who are fantastic. 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]. Im so glad I did it. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. Alejandro: I love it. Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles Thats quite motivating for people. Saying that, in the early days you kind of need to bring on all the capital that you can. Rocketreach finds email, phone & social media for 450M+ professionals. 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? 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. Yeah, sure. So it doesnt always work out and I think thats fine. 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. 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. Got it. 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. June 12, 2022 . Yeah. 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. I dont think theres a startup I could have launched that taught me more. Yeah. Budget in my opinion perhaps should be allocated to something else. 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. rex harrison audrey hepburn relationship. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. So we tell the small landlords, Hey, dont just advertise in Zumper. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. So Im completely there with you. Please subscribe to unlock this content. Got it. So yes, we have a great cap table. Really good strategy to differentiate the demographics and were super happy with how it went down. How did you find these investors? Anthemos Georgiades: Yeah. 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. It was at the time Pat Mapper example almost the same size on consumer but now Zumper is much bigger but we called it like a cheat and your job as the founder is to identify like vertical cheats where overnight you become bigger than your competitors. Alejandro: Of course. 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. In the early days we love the exposure to Silicon Valley investors. 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]. Likewise. 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. 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. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Yeah. Got it and before we actually dive in to the journey here, so consulting and. It happened but I wouldnt say its like an obvious part. I have no experience doing that. It was not something Ive really ever thought about before. 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. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. [06:54] the early days and it worked where there was just all hands to the pump. 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. It was always a man, there is a really tough problem that consumers experience and no one is solving it. Anthemos Georgiades: Its part of the game. It is ultimately the culture. For every successful fundraise, every single company have a lot of nos. So Id say your first month you spend like getting first, second, third meeting. I think if you set these expectations from the very beginning that are super important. So what is the best way, Anthemos, for people that are listening to reach out and say hi? 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. It was not something Ive really ever thought about before. 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 one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. 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. Absolutely. Alejandro: Got it. And so I finally just gave in and thought no one is going to build this. Over time, its great to be able to bring in your team. 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. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. 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. He was with HBS 10 years ago. It was incredibly difficult. It happened but I wouldnt say its like an obvious part. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. 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. 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. The second one is have a vision and a mission that people agree with and we all wanted to [37:13] this vision make renting an apartment as easy as booking a hotel. Weve only been working with Axle Springer for four months now but they are fantastic. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? All photos courtesy of Forbes Councils members. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online.

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