How did you find these 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. Well, today's guest noticed that experience and wanted to improve it. Saying that, in the early days you kind of need to bring on all the capital that you can. 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. A lot of that is in the bank. In the early days we love the exposure to Silicon Valley investors. 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. Anthemos Georgiades, Zumper, European Founder, International Founders, Marketplace The process of renting apartments hasn't changed since Craigslist was introduced. Think Masterclass for Management. Yeah. It was like $46 million. 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. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Your job is to raise capital and your job is to kind of hire and retain the best talents. There could be investors who are fantastic. I think just up front boundaries before you close the round is super important. I met Russel who [04:01] engineering products through just the personal connections in London. 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. 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. So for the business, Anthemos, how much capital have you guys raised today? But theres no right answer in business. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Absolutely. ! They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. Your job as the CEO and the founder is to convince your investors of the reason to do this. So it doesnt always work out and I think thats fine. So M&A are strategic [33:48]. Great question. Had worked at the Boston Consulting Group. Its really built in the dark days of when stuff is really difficult and I think Zumpers culture now is we have a lot of users still remembers and its a testament to those dark days and we never take anything for granted. How does the day to day at Zumper work? Budget in my opinion perhaps should be allocated to something else. 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 Paul Georgiades has been associated with one company, according to public records. Your email address is 100% safe from spam! So what is the best way, Anthemos, for people that are listening to reach out and say hi? Really, really nice to have you here and excited for the chat that we have ahead here. 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. 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. 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. Anthemos Georgiades: Oh wow, good question. Retention is something I think about every day. 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. 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. 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. 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. Got it. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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. Taylor Glass-Moore Co-Founder. 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. Got it. It seemed crazy that the real estate industry wasnt moving towards on demand. 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. Keeping good lines of communication open can solve many landlord/tenant problems. 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. 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. I think if you set these expectations from the very beginning that are super important. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. How many landlords did we have on the site? 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. Anthemos Georgiades: Yeah. Terms & Conditions! Never thought Id be an entrepreneur. I learned more from you than you learned from me, and then your job as CEO is to do kind of two or three things, that is to continue to advance like the vision and the mission of the company and keep everything strategically aligned. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Alejandro: Got it. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. Thats your job. Whats your story and most importantly, how did you get started with the entrepreneurial bug? Anthemos Georgiades. Its a Greek name, British accent. 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 is ultimately the culture. 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 love it. Get a custom action plan and all the help that you need to start raising more capital. 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. 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. 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. Likewise. So that was great. 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. In terms of investors, I guess two comments. How does the day to day at Zumper work? You know its interesting that you mentioned the chicken and the egg. Got 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. We love our investors. Zumper has 7 current employee profiles, including CEO and co-founder Anthemos Georgiades. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Got it. 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. How autonomous can people be at the junior levels? Your third month is getting kind of diligence done and getting the wires in to the door. 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. Never thought Id be an entrepreneur. Of course. Anthemos Georgiades: Yeah. All of it is going to be important and it will come out at the right stage. Anthemos lives in San Francisco, where Zumper is HQd, with his wife.
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