Labster Financial Model
EdTech Startup Financials (Free Excel Download)
Web-based virtual science lab platform that replaces or supplements physical labs for higher ed and high school students.
professionals from Deloitte
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About this model
Labster provides web-based virtual science laboratories for higher education and high-school students. Simulated experiments can replace or supplement physical labs when access, cost, safety, or scale limits conventional laboratory instruction.
The company sells recurring institutional licences to schools and universities, making course adoption and student coverage the key commercial units. Its investor base includes A16z, Balderton, and Owl Ventures, while partnerships cited across higher education and high school support a global institutional model.
The model builds ARR from institutions, courses, students covered, licence value, renewal, and expansion. Simulation development, implementation, sales cycles, cloud delivery, customer support, and adoption outcomes determine gross margin and the cash required to grow the education platform.
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 Labster
labster.com
How to build a detailed financial model for Labster
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Labster model - distilled from its pitch deck and publicly available information.
Product & value proposition
- 250+ fully interactive virtual science labs delivered via web browser.
- Students access simulations anytime, anywhere - designed to precede or replace wet labs.
- Teacher-facing dashboard tracks progress, attempts, quiz answers, and automates grading.
- Key value props: improves accessibility (no physical equipment needed), saves instructor time (students pre-practice at home), boosts learning outcomes (+101% vs traditional teaching alone, Nature Biotechnology 2014 controlled study, n=160).
- Partnership with Google + Arizona State University to deliver world's first accredited fully online college Biology degree.
Revenue model
- Channel: B2B - sold to institutions (higher education + high schools), not direct to students.
- Pricing model: Not explicitly stated in deck. Institutional SaaS licensing inferred from "3000 institutional partners" language and product structure (seat- or institution-level access).
- Unit referenced: $10,000 USD cost for students in the online ASU Biology degree vs. $40,000 for average science degree - this is a student-facing cost comparison, not Labster's own pricing, but implies Labster enables a low-cost delivery model.
- No per-seat, per-lab, or ARR pricing disclosed in deck.
Traction & metrics
- 250+ fully interactive virtual labs
- 5 million students reached
- 3,000 institutional partners
- 3,000+ institutions in higher education and high school
- 2,000 students enrolled in ASU online Biology degree program (Labster + Google + ASU)
- Learning outcome: students learn up to 101% more when Labster combined with traditional teaching (Nature Biotechnology 2014, n=160)
- No revenue, ARR, or growth rate figures disclosed.
Competition / moat
- Content depth: 250+ validated, research-backed simulations (not easy to replicate at scale).
- Outcome data: peer-reviewed efficacy evidence (Nature Biotechnology 2014) differentiates from unproven alternatives.
- Institutional partnerships: 3,000+ partners create switching costs and network credibility.
- Board: A16z (Scott Kupor), Balderton Capital (Lars Fjeldsoe Nielsen), Owl Ventures (Tory Patterson) - strong EdTech-specialist investor signal.
- Strategic partner: Google + ASU accredited degree program - first-mover advantage in accredited online science programs.
Team & funding ask / use of funds
Leadership team:
- Michael Bodekaer - CEO & Founder (founded 3 tech companies; MSc Math, Finance & Strategy; McKinsey & Company)
- Mads Bonde - Executive Chairman & Founder (PhD Biotechnology; Honorary Professor, Harvard Medical School)
- Remo Meyer - CTO
- Kristian Pedersen - CFO
- Lenny Izzo - CRO
- Hope Frank - CMO
- Roxana Dobrescu - CPO
Board:
- Scott Kupor - Partner, A16z (Cedar, FourSquare, SnapLogic)
- Lars Fjeldsoe Nielsen - Partner, Balderton Capital (ex-WhatsApp, Uber, Dropbox)
- Tory Patterson - Founding Partner, Owl Ventures (Noodle Partners, BetterLesson, DreamBox Learning)
Recommended financial model
- Archetype + why: B2B SaaS ARR model. Labster sells institutional licenses (subscription) to schools and universities. Revenue is recurring and institution-level, making ARR / seat-based SaaS the natural structure. A 3-statement model is not warranted without cost or balance sheet data - focus on a revenue-build + unit economics driver tree.
- Forecast horizon & granularity: 5 years (Year 1–5), annual columns. Monthly granularity for Year 1 if close data is available, otherwise annual throughout.
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Institutional partners (starting) | 3,000 |
| Students reached (cumulative) | 5,000,000 |
| Virtual labs in catalog | 250+ |
| New institutions added per year | 600–900 (20–30% growth) |
| Average contract value (ACV) per institution | $5,000–$15,000 |
| Net revenue retention (NRR) | 105–115% |
| Gross margin | 70–80% |
| Sales & marketing as % of revenue | 30–40% |
| R&D as % of revenue | 15–20% |
| Churn rate (gross logo) | 5–10% annually |
| ASU/Google degree program students | 2,000 enrolled (base) |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: New institution growth 10–15% YoY; ACV at low end ($5K); NRR = 100% (flat expansion); GM = 70%.
- Base: New institution growth 20–25% YoY; ACV mid ($9K); NRR = 108%; GM = 75%.
- Bull: New institution growth 30%+ YoY; ACV high ($15K) driven by enterprise/HE deals; NRR = 115%; GM = 80%; strategic partnerships (Google/ASU-type) accelerate pipeline.
- Required sheets / outputs:
- Assumptions - all drivers above, editable inputs.
- Revenue Build - institution cohort model (new + retained + churned by year); ARR bridge (opening ARR → new → expansion → churn → closing ARR).
- P&L (simplified) - Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA. No balance sheet or cash flow unless funding ask is added.
- Unit Economics - CAC (estimated), LTV, LTV/CAC ratio, payback period (all given no deck data).
- KPI Dashboard - institutions, students, ARR, NRR, gross margin %, burn/runway (if funding data added).
- Scenarios - sensitivity table on ACV × institution growth rate → ARR Year 3 / Year 5.
Frequently asked
Is the Labster financial model free?+
Yes. The Labster 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 Labster'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
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