It looks better for investors and it makes your life easier. Got it. And for you I guess personally and professionally because I think they both come together, so how has your leadership and management skills changed over the time from leading the company of lets say four to ten folks initially to a company of over a hundred employees? 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. There was no book [01:41]. And so just be prepared that however smart, however many smart people have looked the deal and thought about whether it will work, it always take a little bit more time than you think it will to integrate because theres always some gremlin kind of hiding in the works that youre going to find. And then at business school, I think the single biggest thing I learned through the case study method which is how they teach it at Harvard Business School but I think its true. And [14:42] in Silicon Valley is married to [graphics 14:43] mostly in terms of great companies just break out and succeed [agnostic 14:48] as to where people went to college or if they came from a wealthy or poor family. 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. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. Had worked in politics. Thats your job. 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 all good companies have multiple offers on the table. So lets talk about Zumper here. We both had ideas to be entrepreneurs but neither of us have the guts to actually go for it. 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. Yeah. 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. I dont think theres a startup I could have launched that taught me more. I knew the CEO for a while. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. At series A, you got to show product market set in a sub vertical. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. So that was great. Keeping good lines of communication open can solve many landlord/tenant problems. August 4, 2020. Alejandro: Got it. I didnt think that either of them originally. 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. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. 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. Yeah, sure. 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. So I guess lets say we had the opportunity to put you in front of your younger self, Anthemos, in 2012 before you were to close that seed round, what would be that piece of advice that you would give to your younger self with everything that youve learned having this journey ahead of you? 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? How flat is the company? And so I finally just gave in and thought no one is going to build this. Likewise. And were just a little earlier than obviously a public company so our gross is spikier. I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. They were super lean team of under five people and its been a great deal for Zumper like we have one backend, one sales team and then two consumer platforms. A lot of business schools was how to make decisions with imperfect information. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. 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. His passion for relieving the stress for others in . 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? Anthemos Georgiades: Yeah. So Ill read it if anyone tweets anything interesting or if I can be helpful in anyway. Not really actually. Every company is completely different and theres no gold standard. 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. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. 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 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? 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. But was drawn in to it just to solve a problem as I think so many entrepreneurs are. 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. Youre right that is wrong advice. 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. Of course. What are some tips for successfully navigating the rental market from a renter's perspective? 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. 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. Terms & Conditions! So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. 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]. I didnt think that either of them originally. Thank you so much. A lot of that is in the bank. 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 paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. So I think three months is an efficient round. 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? 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? Your second month you spend getting term sheets and documents signed. A lot of it was completely bottom up. I have no experience doing that. 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. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. It is your job not just to do the day to day but once or twice a year you should be doing stuff that has a completely linear outcome where one day youre doing you know 3 million users a month and the next day youre doing 5 million users a month. Saying that, in the early days you kind of need to bring on all the capital that you can. I think just up front boundaries before you close the round is super important. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. Got it. Got it. She was our original CPO and after the series A, she moved on to roller, another company and we promoted someone internally to CPO. 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. How did you find these investors? All of it is going to be important and it will come out at the right stage. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. 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. 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. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. You always have more nos that more yeses in fundraising but it was ultimately about just hustling my network as much as possible. Well, today's guest noticed that experience and wanted to improve it. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? 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.
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