anthemos georgiades net worth
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. So today, we have another founder and another one that is quite successful in their own paths. Got it. It has to be me and thats how I started the company six years ago after business school. I think if you set these expectations from the very beginning that are super important. Retention is something I think about every day. 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. So seed, series A, series B, series C, I was always the point person in the fundraise. Look how quickly our revenue are scaling. Alrightee. In the early days we love the exposure to Silicon Valley investors. 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. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. 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]. Yes, weve raised $90 million in capital including a series C that we just closed three months ago. So that was great. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. When you look your cofounders, your team in the eye and you know theyre ready to go and theyre resilient and they come back in to build and try the next thing and youve kind of worked out together this is part of the game. "These markets had a huge net migration from New York and California, and they have held up," he says. They take every, some people go and warm theirif you have a brilliant idea, theyd be crazy not to take it and then their entire value is obviously give you a three month program and then at the end expose you to liek 40 investors. 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. Now my cofounders were phenomenal in bringing them to meetings. Its a good question. So you acquire not long ago Pat Mapper and how did this come together? So yes, we have a great cap table. 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. 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. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. 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. So today, we have another founder and another one that is quite successful in their own paths. There could be investors who are fantastic. So you acquire not long ago Pat Mapper and how did this come together? He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. 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. Great question. If you guys are Zumper website, you can kind of kind at zumper.com the Contact Us or on Twitter I am just @anthemos, A-N-T-H-E-M-O-S on Twitter and yeah, I respond to people. Got it. Weve only been working with Axle Springer for four months now but they are fantastic. 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 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. At college in the UK, Ive had like multiple [00:58] renting apartments. Anthemos Georgiades: Its part of the game. Got it. 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. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. 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]. 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. All of it is going to be important and it will come out at the right stage. Its just part of the game and it doesnt [24:30]. Well, Anthemos, it has been a pleasure to have you on the show. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. Culture is everything and so investing in people making sure I as the CEO spend a lot of time as much as possible with people who dont report to me is absolutely critical and that is ultimately like the fabric on how most companies are run. rex harrison audrey hepburn relationship. 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. I kind of looked through in Crunchbase which connections I have into which fund. 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. 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. Got it. 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. Absolutely. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Alejandro: Alrightee. Got it. How autonomous can people be at the junior levels? 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? Youre supposed to try six things that dont work. 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. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Yeah. 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. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. Well, today's guest noticed that experience and wanted to improve it. Youre exactly right. Thank you so much. 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. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Anthemos Georgiades is the co-founder and CEO of Zumper. I didnt think that either of them originally. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. Got it. He was with HBS 10 years ago. Got it. 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. Yeah. 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. There could be investors who are fantastic. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Alejandro: Of course. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique.
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