Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. 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. 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? Dave Costantino Staff Engineer - Backend. He remains a huge Tottenham Hotspur fan, and wakes up painfully every Saturday morning to tune into the live English soccer games. So watching board members from the early investments are [19:38] who now runs Good Water but was originally Kleiner and then Eric [19:42] from Kleiner and theyre both experts at product market set. Got it. Yeah. Got it. 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. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. Of course. Zumper Board Member Related Hubs Two sided marketplaces are so difficult. So how did you meet your cofounders? So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. We envisioned a world in which a renter can find apartments, book in [tour 10:18], turn up the [10:21] and if they want to take the apartment pre-qualify, leave a deposit and book the apartment. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. Absolutely. anthemos georgiades net worth. I think at that stage it makes sense. I think at that stage it makes sense. So tell me your story a little bit here, Anthemos. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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. 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 investors love that story because its easy to believe that you can continue to do that. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Not really actually. Alejandro: Got it and before we actually dive in to the journey here, so consulting and business school, this is a few things that I typically hear so from some of our other guests. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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So I think three months is an efficient round. Weve only been working with Axle Springer for four months now but they are fantastic. And so I finally just gave in and thought no one is going to build this. 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. How did you find these investors? Yeah. How many landlords did we have on the site? Alejandro: Got it. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. It was incredibly difficult. How flat is the company? You are going to get a bunch of nos so I wouldnt rule people out too early. Absolutely. Anthemos Georgiades: Yeah. So tell me your story a little bit here, Anthemos. Could you meet him? And so whereas that doesnt guarantee any success we obviously have to have really good numbers and a really good story to tell them. 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. So for the business, Anthemos, how much capital have you guys raised today? Yeah. 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. And I mean its quite a few cofounders. Anthemos Georgiades: Yeah. All photos courtesy of Forbes Councils members. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. 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. Alrightee. Anthemos Georgiades | Multifamily Executive Magazine I didnt think that either of them originally. It was not something Ive really ever thought about before. All of it is going to be important and it will come out at the right stage. Just enter your email below. Categories . For me, its Zumper, an apartment rental platform. So seed, series A, series B, series C, I was always the point person in the fundraise. Thank you so much. 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. Your job is to raise capital and your job is to kind of hire and retain the best talents. So we tell the small landlords, Hey, dont just advertise in Zumper. 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? So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. Saying that, if you do have multiple term sheets the second point is of course, like before you get to liquidity, revenue is irrelevant and if revenue gets in the way of bringing either the consumer on to your platform or the supply side person on to your platform, you should not be trying to charge. 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. Get a custom action plan and all the help that you need to start raising more capital. Got it. It seemed crazy that the real estate industry wasnt moving towards on demand. Saying that, if you do have multiple term sheets the second point is of course, like before you get to liquidity, revenue is irrelevant and if revenue gets in the way of bringing either the consumer on to your platform or the supply side person on to your platform, you should not be trying to charge. Anthemos Georgiades: Yeah. 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. 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. 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. Anthemos lives in San Francisco, where Zumper is HQd, with his wife. I kind of looked through in Crunchbase which connections I have into which fund. And then when I moved out to America, Russel was software engineer at Google and I had no technical background so I basically hit up my network for anyone with a technical background living in the US who might be interested in joining and Russel and I really hit it off and he was the perfect cofounder. Read More: 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. So I wouldnt be too picky early. 2023: The Road Ahead for Multifamily Operators Yeah. Originally from London, he has an MBA from Harvard Business School, MPhil from the University of Cambridge, and BA from the University of Oxford. So I saw for example Axle Springer which is you know more kind of like the corporate. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. Alejandro: Got it. Got it. 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 I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Its a good question. Its hard. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Alejandro: So Im completely there with you. Anthemos Georgiades: Yeah. 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. So all good companies have multiple offers on the table. How much respect is there? Anthemos Georgiades: Yeah. So you acquire not long ago Pat Mapper and how did this come together? At series A, you got to show product market set in a sub vertical. 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. 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. At college in the UK, Ive had like multiple [00:58] renting apartments.
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