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. Yeah. 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. I knew the CEO for a while. A lot of it was completely bottom up. Got it. Its not about the ski trips and any of that you know. 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. One is I wouldnt be too pressured about it too early. It seemed crazy that the real estate industry wasnt moving towards on demand. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. At scale you get to do that and have those teams. How many landlords did we have on the site? 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? It happened but I wouldnt say its like an obvious part. 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. At scale you get to do that and have those teams. 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 Im completely there with you. Im so glad I did it. Think Masterclass for Management. 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. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. @zumper Stories Uncategorized Thats your job. Got it. So seed, series A, series B, series C, I was always the point person in the fundraise. Got it. 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. 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. Now my cofounders were phenomenal in bringing them to meetings. Anthemos Georgiades | Multifamily Executive Magazine Got it. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. 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. 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. So the series B, weve done story now look at how quickly the renters are growing on the platform. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. I think the startups end up wasting a lot of cash that could really extend runway but thats a different conversation. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. If you dont have those connections, I think this is where like a lot of these accelerators and incubators, Y Combinator or Techstars or Launch are really good where you can apply. Yeah. Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles So you know I think Axle Springer very used to appraising companies that match their scale. 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. 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: Got it and before we actually dive in to the journey here, so consulting and business school, this is a few things that I typically hear so from some of our other guests. You know its interesting that you mentioned the chicken and the egg. Like what have you seen that really works? Absolutely. 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. Alejandro: Got it. 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 - Previous President for Zumper, Inc. 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. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. Anthemos Georgiades: Yeah. 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]. 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. Yeah. Anthemos Georgiades - CEO and co-founder - Crunchbase He had actually interviewed me for a job at a different consulting firm and we stayed in touch. 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. 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. Every company is completely different and theres no gold standard. I have no experience doing that. 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 I saw for example Axle Springer which is you know more kind of like the corporate. Had worked in politics. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? Anthemos Georgiades (Zumper) | Startup Grind [06:54] the early days and it worked where there was just all hands to the pump. Got 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. Yeah, sure. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Really good strategy to differentiate the demographics and were super happy with how it went down. I really enjoyed it and great stuff. what was the premier league called before; So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. You start to build depth and management structures. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? I mean if you could give some kind of like tips you know both fronts it would be really fantastic. 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. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. 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? Got it. I think at that stage it makes sense. Youre supposed to try six things that dont work. How flat is the company? 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. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. So thats how Zumper got started. At college in the UK, Ive had like multiple [00:58] renting apartments. I mean your job moves from doing jobs in the first few years. Hello, everyone, to the DealMakers Show. That is where your focus is and even though you kind of missed doing some of the stuff and the weeds and my team continue to tell me to get away from the weed and continue to [36:12] the 50,000 set, you have to let it go and trust your team to do a better job than you were doing. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. "These markets had a huge net migration from New York and California, and they have held up," he says. Likewise. Of course. 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.
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