Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 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. 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. Alejandro: Got it. I kind of looked through in Crunchbase which connections I have into which fund. Its a good question. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Its so hard to get marketplaces liquidity so correct, the beautiful thing as you know is when you have it, it took us three years to get to that, it just runs and you just grow naturally when you have both sides but its so hard to get to it. Your third month is getting kind of diligence done and getting the wires in to the door. So one is weve always promoted within so whenever we needed a role, we always prefer to promote someone instead of hiring from outside. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. How autonomous can people be at the junior levels? So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? Whats your story and most importantly, how did you get started with the entrepreneurial bug? It is not closely married to [14:55] and thats where its still on [14:58] I think Silicon Valley has a long way to go where when I got my first introductions to VCs to Kleiner, to Andreseen, to Graylock, to NEA, it often came through my graduate school network where someone was like, Hey, this guy is leaving HBS. It has to be me and thats how I started the company six years ago after business school. . For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. Now my cofounders were phenomenal in bringing them to meetings. So what I wanted to ask you here is in terms of on boarding lets say this type of, because its a different beast, you know type of investors so how does the approach from evaluating an investor that is a VC, an angel or an angel group shift towards evaluating a potential strategic corporation that is looking to become part of your cap table? Anthemos Georgiades: Oh yeah, on the seed round back in 2012, we had probably five investors come in to the seed round so we kind of had five yeses who put in small checks. Youre supposed to try six things that dont work. 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. We both wanted to be entrepreneurs. I love it. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. It was always a man, there is a really tough problem that consumers experience and no one is solving it. I knew the CEO for a while. But oh we must have had like 20 persons or 20 people say not now or later. 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 frankly, the process is a pain in the ass. Dave Costantino Staff Engineer - Backend. So I saw for example Axle Springer which is you know more kind of like the corporate. Oh wow, good question. Anthemos Georgiades: Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Categories . I grew up in London. Like many of our most successful entrepreneurs. 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. Yeah, sure. Make sure tenants understand why things are . 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? And it is the culture that keeps people here, not the compensation or anything else. So it was never I want to be an entrepreneur journey. Yeah. And so as you mature you look for a different kind of investor and that naturally tends to happen. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. How many listings do we have on the site? This show is about storytelling and all the elements that go into telling the perfect fundraising story. Were incredibly grateful for everything she did and she remains kind of shareholder in the company. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. So you acquire not long ago Pat Mapper and how did this come together? Got it. I'm so proud of my wife Lucy Georgiades and her cofounder Lindsey Nehls on launching their business Elevate Academy today. 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. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. And so as you mature you look for a different kind of investor and that naturally tends to happen. Alejandro: Got it. Got it. No. Well, Anthemos, it has been a pleasure to have you on the show. Yeah. For every successful fundraise, every single company have a lot of nos. Anthemos Georgiades: Yeah. The one unifying theme in every fundraising Ive run is momentum. I mean I called it like a cheat [33:33] my team. Had worked in politics. 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. 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. 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. Thats quite motivating for people. The second one is have a vision and a mission that people agree with and we all wanted to [37:13] this vision make renting an apartment as easy as booking a hotel. So lets talk about Zumper here. 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. Its so hard to get marketplaces liquidity so correct, the beautiful thing as you know is when you have it, it took us three years to get to that, it just runs and you just grow naturally when you have both sides but its so hard to get to it. Georgiades founded Zumper after his own . Got it. 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. Over time, its great to be able to bring in your team. Then behind the scenes, Zumper will close the transaction with the landlord and set the renter up with kind of rent payment. I didnt think that either of them originally. Im so glad I did it. So I guess what was the timeline of this C round compared to perhaps your seed round of 2012? Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. He was with HBS 10 years ago. How do you take a company with those tractions, 10 million in revenue. So seed, series A, series B, series C, I was always the point person in the fundraise. Over-Communication. Rental listing startup with more than 26 million users. 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. Township Of Ocean Police Department. And so I didnt really think about it too often because this is kind of 15 years ago but then I moved to another six or seven times into an apartment rentals in London, in Boston, in New York and the process is so bad every time, not just in searching but also in actually like getting the apartment. 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. It seemed crazy that the real estate industry wasnt moving towards on demand. It was not something Ive really ever thought about before. Really good strategy to differentiate the demographics and were super happy with how it went down. Alejandro: Got it. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. So in the first two years, Zumper is now [07:52] $90 million in capital. So in the first two years, Zumper is now [07:52] $90 million in capital. So I wouldnt be too picky early. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. But I will say the one thing is true is that you always raise on momentum. And at one point I just told one I just feel like I want to step on the egg and shoot the chicken because it was so repetitive. 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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. Keeping good lines of communication open can solve many landlord/tenant problems. Anthemos Georgiades: Its just part of the game and it doesnt [24:30]. It was like $46 million. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. Published by at June 13, 2022. Thank you so much. You are going to get a bunch of nos so I wouldnt rule people out too early. So seed, series A, series B, series C, I was always the point person in the fundraise. It just really helps to divide and conquer like that while I was meeting new investors again. 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. 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. Youre right that is wrong advice. 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. 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. 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]. 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. So we bought them. And at one point I just told one I just feel like I want to step on the egg and shoot the chicken because it was so repetitive. Alejandro: Got it. Russell Middleton Co-Founder. Anthemos Georgiades: Yeah. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Im so glad I did it. 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. 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].

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