Gable Financial Model
Marketplace Startup Financials (Free Excel Download)
B2B SaaS + marketplace platform for booking and managing flexible workspaces for distributed/hybrid workforces
professionals from Deloitte
Used by professionals from
About this model
Gable is a workplace platform for distributed teams to find, book, and manage flexible workspace. Employees use one app for desks, meeting rooms, and offices, while employers set budgets, approvals, and policies and hosts manage their available space.
The company had 32 enterprise customers, 800 spaces across 30 states and 10 countries, and reported 25% monthly company growth. Its hybrid monetisation is explicit: employers pay a per-seat software fee and Gable earns 20% of workspace booking value.
The model keeps the SaaS and marketplace engines separate. Contracted employees and seat ARPU build recurring revenue; active users, booking frequency, and average workspace spend build GMV and commission. Customer additions, employee utilization, supply coverage, and acquisition costs determine whether the hybrid-work proposition scales efficiently.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Gable
gable.to
How to build a detailed financial model for Gable
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Gable model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three-sided platform:
- Employees - single app to search, book, and coordinate shared workspace (hot desks, meeting rooms, private offices, company HQ). Slack + Google Calendar integrations. Team-view to coordinate who is working where.
- Workplace/HR admins - management dashboard: budget policies (employee/department/company-wide), role-based access, HRIS integration, booking approvals, utilisation analytics, employee satisfaction scores.
- Space hosts - asset-light onboarding, booking management dashboard, Stripe + Google Calendar integration, reservation approval workflow.
Value props: Culture (collaboration), Cost (pay-as-you-go vs. fixed leases, saves up to $11k/employee on transition to remote), Control (centralised visibility), Scalable (asset-light).
Market
Three segments shown by company size:
| Company size | Companies | Employees | Revenue pool |
|---|---|---|---|
| 5,000+ employees | 23K | 35M | $10.5B |
| 100–5,000 (Gable target) | 15K | 24M | $17.2B |
| 0–100 | 15M | 42M | $12.6B |
Note: The $12.6B figure on the slide appears to lack a "B" suffix in the OCR but the image confirms it matches the same unit. The middle tier (100–5,000 employees, $17.2B revenue pool) is Gable's stated initial target market.
No SAM or SOM figures explicitly defined.
Revenue model
Two revenue streams:
Stream 1 - SaaS seat fee
- Monthly: $8 per employee/per month
- Annual: $6 per employee/per month
Stream 2 - Workspace marketplace take-rate
- 20% of the price of space utilized
- Applies to: hot desk, meeting room, private office bookings
Revenue = (seats × SaaS ARPU) + (GMV × 20% take-rate)
Traction & metrics
All figures as of September 2022:
- Founded: September 2020
- Enterprise customers: 32 companies (named customers: Noom, Docker, Future, Medium, Wheel)
- Company growth: 25% MoM
- SaaS fee growth: 50% MoM
- Booking increase: 22% MoM
- Supply-side: 800 spaces, 30 states, 10 countries
- Space network growth: 30% MoM
Case study - PostClick:
- 235 employees, 10 states
- 63% employee usage rate
- 82% booking increase MoM
Unit economics
Implied from pricing and GTM slide; no explicit CAC/LTV/payback slide:
- ARPU (SaaS) per employee: $6–$8/month
- Take-rate: 20% of GMV
- GTM conversion: 42.8% first-meeting-to-close rate
- Sales cycle: 20.3 days average from first meeting to close
- Pilot-to-paid conversion: 100%
No CAC, LTV, gross margin, or payback period figures in the deck.
Competition / moat
No dedicated competitive landscape slide. Moat framing from deck:
- Asset-light supply network (800 spaces, growing 30% MoM) - network effect on both supply and demand sides
- Proprietary management/analytics layer (budget policies, utilisation data, HRIS integration) creates switching costs for HR/Ops buyers
- Channel partners listed: HR (Sequoia, Bob, Workday, ADP, BambooHR), Payroll (Deel, Remote, Papaya), Benefits (Benepass, Bennie, TriNet/Zenefits), Real estate (Tishman Speyer), Space management (OfficeRnD)
- Competitors not named in the deck (WeWork, Deskpass, Upflex implied by market context but not shown)
Team & funding ask / use of funds
Team:
- Liza Mash Levin - Co-founder & CEO
- Omri Haviv - Co-founder & CTO
- 9 additional named staff across Sales, Customer Success, Marketing, Growth, Engineering (×3), Design, Partner Ops
Recommended financial model
Archetype + why: Hybrid SaaS ARR + marketplace GMV model. Revenue has two distinct drivers that must be modelled separately - a per-seat SaaS subscription and a transaction-based take-rate on workspace GMV. This is the standard "software + payments/marketplace" dual-stream model (similar to Mindbody, Skedda, or Robin). A single 3-statement model with a detailed revenue bridge is appropriate.
Forecast horizon & granularity:
- Monthly for Year 1–2 (model is early-stage with high MoM growth)
- Quarterly for Year 3
- 3-year total horizon
Key drivers & assumptions:
*Customer / demand side*
- Starting enterprise customers: 32
- New customers/month: 8–10 new logos/month, implied by 25% MoM customer growth off a base of 32
- Average employees per customer: 200 (PostClick has 235; target is 100–5,000 band; mid-market skew)
- SaaS ARPU (monthly/annual mix): 70% annual ($6/emp/mo), 30% monthly ($8/emp/mo) - enterprise buyers lean annual
- Employee seat penetration per customer: 60–70%, referencing 63% usage at PostClick
*Revenue stream 1 - SaaS*
- MRR = active customers × avg. employees × penetration rate × blended ARPU
- MoM SaaS growth rate: 50% as current run rate; decelerates to 15–20% by month 18 as base grows
*Revenue stream 2 - Marketplace / GMV*
- Bookings per active employee/month: 3–5 (flex work, not daily commuter)
- Average booking price: $30–50/booking (hot desk ~$25, meeting room ~$60, blended ~$35)
- Take-rate: 20%
- GMV growth: tracks booking volume increase (22% MoM as seed, decelerates)
*Supply side*
- Spaces: 800, growing 30% MoM
- Space growth decelerates to ~10% MoM by month 12 as network matures
*Cost structure*
- COGS: ~15–20% of revenue (payment processing on GMV stream ~3%, hosting/support; SaaS COGS very low)
- Gross margin: 75–80% blended (SaaS ~85%, marketplace ~65% after host payouts)
- S&M: 40–50% of revenue in Year 1, declining to 30% by Year 3 (inside sales-led, 20.3-day cycle)
- R&D: 25–30% of revenue (3 senior devs on payroll)
- G&A: 10–15% of revenue
*Headcount*
- Current: ~11 named staff; ~15 total including unlisted
- Scale to 30–40 by end of Year 1 post-raise
Scenarios (Base / Bull / Bear - which variables flex):
- Base: 25% MoM customer growth decelerating to 8% by month 18; 22% MoM booking growth decelerating to 10%
- Bull: Sustains 30%+ MoM on both streams for 12 months; channel partner integrations accelerate enterprise deals; avg. employees/customer reaches 300
- Bear: Customer growth slows to 10% MoM by month 6; booking frequency drops (macro downturn reduces travel/flex spend); take-rate pressured to 15% by supply-side negotiation
Required sheets / outputs:
- `Assumptions` - all toggleable inputs (pricing, growth rates, penetration, headcount timing)
- `Customers` - cohort build (new logos per month, churn, expansion seats)
- `Revenue` - SaaS MRR bridge + GMV/take-rate waterfall
- `OpEx` - headcount plan + S&M/R&D/G&A as % of revenue
- `P&L` - monthly income statement (revenue, gross profit, EBITDA, net loss)
- `Cash` - simplified cash runway (burn rate, months of runway at current pace)
- `Dashboard` - KPI summary: ARR, GMV, take-rate revenue, gross margin %, burn, runway
Frequently asked
Is the Gable financial model free?+
Yes. The Gable model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Gable's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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