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Published by at June 13, 2022. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. 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 the series B, weve done story now look at how quickly the renters are growing on the platform. 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. 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. Got it. And as you know as and your listeners know, youre going to get a lot of nos on the way. So for the business, Anthemos, how much capital have you guys raised today? Get 5 free searches. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? So all good companies have multiple offers on the table. Im so glad I did it. But oh we must have had like 20 persons or 20 people say not now or later. I think just up front boundaries before you close the round is super important. Yeah. 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? At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. So tell me your story a little bit here, Anthemos. And were just a little earlier than obviously a public company so our gross is spikier. And so I wouldnt be too pressured. 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? Thats quite motivating for people. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. 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. Really, really nice to have you here and excited for the chat that we have ahead here. So Id say your first month you spend like getting first, second, third meeting. 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. So we bought them. 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 Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. 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. Of course. So it was never I want to be an entrepreneur journey. So lets talk about Zumper here. Alejandro: Got it. At the end of the day though, whether its senior people, junior people, interns who we want to bring back is all under pinned by culture. I met Russel who [04:01] engineering products through just the personal connections in London. Alejandro: Got it. It was like $46 million. How does the day to day at Zumper work? Anthemos Georgiades, Zumper Inc: Profile and Biography One is I wouldnt be too pressured about it too early. 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. Alejandro: I love it. Alejandro: Got it. 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. 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]. It was always a man, there is a really tough problem that consumers experience and no one is solving 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. What are some tips for successfully navigating the rental market from a renter's perspective? And as you know as and your listeners know, youre going to get a lot of nos on the way. anthemos georgiades net worth So seed, series A, series B, series C, I was always the point person in the fundraise. 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. Dave Costantino Staff Engineer - Backend. 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 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. 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. It just really helps to divide and conquer like that while I was meeting new investors again. Yeah. And frankly, the process is a pain in the ass. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. It was always a man, there is a really tough problem that consumers experience and no one is solving it. 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? So if the story has changed in a way that merits the focus of the company but what is consistent every single time weve raised is that for six months in a row, we had really, really quick growth. It was like $46 million. So yes, we have a great cap table. Zumper - Contacts, Employees, Board Members, Advisors & Alumni - Crunchbase 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. For every successful fundraise, every single company have a lot of nos. 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. 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. And it is the culture that keeps people here, not the compensation or anything else. 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 I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Zumper Board Member Related Hubs So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. 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. 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. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. 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. Look how quickly our revenue are scaling. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. So all good companies have multiple offers on the table. Were growing very quickly but none of that was true obviously in the first two years. 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. I kind of looked through in Crunchbase which connections I have into which fund. After that, it changed to more consumer. Anthemos Georgiades: Yeah. 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? Stay informed using all the free online rental data out there (like Zumper's national rent report). Anthemos Georgiades. Anthemos Georgiades: Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Budget in my opinion perhaps should be allocated to something else. @zumper Stories Uncategorized At the end of the day though, whether its senior people, junior people, interns who we want to bring back is all under pinned by culture. Yeah. 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. Anthemos Georgiades - CEO and co-founder - Crunchbase So we tell the small landlords, Hey, dont just advertise in Zumper. I have no experience doing that. So lets talk about Zumper here. Try for free at rocketreach.co Its a good question. 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]. Raising money first, marketplace businesses is still really difficult and Ive raised $90 million and Im still saying it is difficult. 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. 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. 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. A lot of it was completely bottom up. Retention is something I think about every day. 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. Got it. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. Absolutely. We saw it would take three to six months to integrate Pat Mapper and their backend that engineering project we worked really hard and quickly just over a year to integrate so we underestimated like how much work was required to integrate them by 3x. 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? So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. 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. Over time, its great to be able to bring in your team. So you acquire not long ago Pat Mapper and how did this come together? 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 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. Like many of our most successful entrepreneurs. So I saw for example Axle Springer which is you know more kind of like the corporate.