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? It seemed crazy that the real estate industry wasnt moving towards on demand. 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. Anthemos Georgiades: Its part of the game. 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]. Its hard. Got it. Saying that, in the early days you kind of need to bring on all the capital that you can. So today, we have another founder and another one that is quite successful in their own paths. Got it. So you acquire not long ago Pat Mapper and how did this come together? 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. 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. The company was incorporated in California, Texas, and Florida ten years ago. It looks better for investors and it makes your life easier. 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. Additionally, Anthemos Georgiades has had 2 past jobs including Consultant at The Boston Consulting Group. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. Youre right that is wrong advice. 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 the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. 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? Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. 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]. So we bought them. At scale you get to do that and have those teams. We love our investors. We also actually had a really wonderful fourth cofounder whos no longer with us. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. Your second month you spend getting term sheets and documents signed. 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. There could be investors who are fantastic. 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? He was with HBS 10 years ago. Got it. But oh we must have had like 20 persons or 20 people say not now or later. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. So M&A are strategic [33:48]. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. Anthemos Georgiades is the CEO and co-founder at Zumper. How did you find these investors? So the series B, weve done story now look at how quickly the renters are growing on the platform. So seed, series A, series B, series C, I was always the point person in the fundraise. 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? How flat is 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. So in the first two years, Zumper is now [07:52] $90 million in capital. It has to be me and thats how I started the company six years ago after business school. And so as you mature you look for a different kind of investor and that naturally tends to happen. 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. I knew the CEO for a while. And so as you mature you look for a different kind of investor and that naturally tends to happen. Of course and I agree with you there, Anthemos. 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? Keeping good lines of communication open can solve many landlord/tenant problems. Anthemos Georgiades: Yeah. Over time, its great to be able to bring in your team. Anthemos Georgiades: Yeah. And as you know as and your listeners know, youre going to get a lot of nos on the way. what was the premier league called before; Anthemos Georgiades: Yeah. 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? 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. This pellet stove is a good heating solution for a smaller rather than a . 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. 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]. So I learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. 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. I dont think theres a startup I could have launched that taught me more. 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. anthemos georgiades net worthperpetual futures binance. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. Anthemos Georgiades: Yeah. 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. In terms of investors, I guess two comments. So all good companies have multiple offers on the table. Your job is to raise capital and your job is to kind of hire and retain the best talents. Got it. Got it. 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. anthemos georgiades net worth. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. 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. It just really helps to divide and conquer like that while I was meeting new investors again. As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. 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. 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 like $46 million. Anthemos Georgiades: Yeah. At scale you get to do that and have those teams. At series A, you got to show product market set in a sub vertical. We also actually had a really wonderful fourth cofounder whos no longer with us. 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. So what was that process like you were talking about, yes, your network of Harvard but can you share with us like what was that process of landing Kleiner on your seed round? So I as British person moving to Silicon Valley in 2012 I have never run a startup before. And it is the culture that keeps people here, not the compensation or anything else. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 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. How autonomous can people be at the junior levels? And so I wouldnt be too pressured. So all good companies have multiple offers on the table. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. Got it. Got it. Got it. 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.
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