Alejandro: Fantastic. Rocketreach finds email, phone & social media for 450M+ professionals. Just enter your email below. It was always a man, there is a really tough problem that consumers experience and no one is solving it. It is ultimately the culture. 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. 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. 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. It was not something Ive really ever thought about before. What are some tips for successfully navigating the rental market from a renter's perspective? Really good strategy to differentiate the demographics and were super happy with how it went down. 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. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. 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. And frankly, the process is a pain in the ass. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? How did you find these investors? 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? Absolutely. And then my other cofounder Kurt Taylor I met through his mother who was an [04:43] and it was another example of just pure hustle. 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. Make sure tenants understand why things are . [06:54] the early days and it worked where there was just all hands to the pump. There was no book [01:41]. Anthemos Georgiades: Yeah. Youre supposed to try six things that dont work. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. Your job as the CEO and the founder is to convince your investors of the reason to do this. You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. Rear mounted 3" standard exhaust port, and 2" standard air intake Exterior dimensions of unit are 24" wide, 26" deep, and 40" high with mounted controller. Please subscribe to unlock this content. 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: Oh wow, good question. Thats just part of the game. So M&A are strategic [33:48]. So Id say your first month you spend like getting first, second, third meeting. 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. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Think Masterclass for Management. Its not about the ski trips and any of that you know. Just out of curiosity, Anthemos, like how many nos did you get for example on your seed round if you have to count it? Two sided marketplaces are so difficult. But oh we must have had like 20 persons or 20 people say not now or later. 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 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? I knew the CEO for a while. 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. How does the day to day at Zumper work? We also actually had a really wonderful fourth cofounder whos no longer with us. 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. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. So I wouldnt be too picky early. 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. Got it. Anthemos Georgiades: Yeah. Your second month you spend getting term sheets and documents signed. Saying that, in the early days you kind of need to bring on all the capital that you can. So lets talk about Zumper here. 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. For me, its Zumper, an apartment rental platform. 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. 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. How autonomous can people be at the junior levels? Alejandro: 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? You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Like what have you seen that really works? glendale, az police activity today; archer lodge middle school calendar. Yeah. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. @zumper Stories Uncategorized 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. 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. So how did you meet your cofounders? It is not suppose to be easy. Try for free at rocketreach.co Alejandro: 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? 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. 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. Never thought Id be an entrepreneur. 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. 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. Anthemos Georgiades: Yeah. I was just talking to a friend of mine about this. Anthemos Georgiades: Yeah. Its just part of the game and it doesnt [24:30]. 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. Youre supposed to try six things that dont work. Categories . 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]. 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. Now we have supply so the six months curve at the series B was all about users and millions of monthly users and then at the series C it was much more revenue curve. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. 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 tell me your story a little bit here, Anthemos. Anthemos Georgiades: Yeah. This pellet stove is a good heating solution for a smaller rather than a . So in the first two years, Zumper is now [07:52] $90 million in capital. It was like $46 million. So M&A are strategic [33:48]. A lot of it was completely bottom up. Its a Greek name, British accent. I mean I think at seed round its like an [26:02]. Yeah. 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. Great question. 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 knew the CEO for a while. So it was never I want to be an entrepreneur journey. Meaning hey, we send you a ton of leads this month that close in to leases. So I saw for example Axle Springer which is you know more kind of like the corporate. In terms of investors, I guess two comments. 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. 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. Alejandro: Got it. Thats quite motivating for people. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. 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. Thats your job. Ckg1 Ckp1 - Ckg1a63-100 And it is the culture that keeps people here, not the compensation or anything else. Alejandro: Got it. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. 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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. 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. How many landlords did we have on the site? Weve only been working with Axle Springer for four months now but they are fantastic. Never thought Id be an entrepreneur. 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. 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. I didnt think that either of them originally. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? 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. Hes raising money now. city of phoenix setback requirements Of course and I agree with you there, Anthemos. 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.
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