Thunkable Financial Model

Visual drag-and-drop editor (WYSIWYG) that lets non-technical users build native iOS and Android apps without writing code. Key differentiators:

• No-code block logic; live browser + device testing; real-time collaboration.
• Native device capabilities (Bluetooth, push notifications, GPS, camera, accelerometer, microphone) - going beyond web wrappers.
• Broad integration ecosystem: Google Sheets, Airtable, Firebase, Figma, LottieFiles, Azure Cognitive Services, Webflow, Google AdMob.
• Revenue-share integrations planned: Stripe transactions, Google AdMob ad revenue.
• Seat-based pricing model, explicitly compared to Slack and Dropbox.

No TAM/SAM/SOM dollar figures in deck. Market context provided as demand-side proxies:

• 4.2h/day time spent in smartphone apps (↑30% from 2019)
• 28M active software developers globally (↑38% from 2019)
• 11.9M new mobile apps in 2020 (↑57% from 2018)
• Simple/medium mobile app cost: $40–120K+

No explicit TAM/SAM/SOM sizing.

• Primary: Seat-based SaaS subscription - per-seat pricing, like Slack/Dropbox. Exact plan tiers and prices not disclosed.
• Secondary (current): Ad revenue share - Thunkable collects a portion of Google AdMob ad revenue generated inside apps built on the platform.
• Secondary (future): Transaction revenue share - collect a portion of Stripe transaction volume processed through apps.
• Future: Enterprise contracts - multi-seat enterprise service contracts via direct sales team.
• Channels: self-serve (SEO + SEM + community) + enterprise sales (inbound + outbound).

All from unless noted:

• Thousands of sign-ups per week (exact number not stated).
• 41% sign-up conversion rate.
• 100s of Product Qualified Leads (PQLs) per week.
• Traffic mix: 38% organic search, 42% direct, 15% referrals, 3% social, 2% paid search - almost entirely organic.
• No revenue figures, ARR, customer count, or churn in deck.

Moat framing from:

• Switching costs: rebuilding a Thunkable app in code or on another platform requires replicating logic and reconnecting integrations - many of which may not exist elsewhere.
• Lower TCO: no need for costly mobile developers post-launch; any non-technical resource can maintain apps.
• Platform lock-in: Thunkable simplifies ongoing app store and device OS updates, reducing the need to re-engage developers.

Named competitors: not explicitly identified in classified slides. Implied competitors are traditional code-based mobile dev and other no-code/low-code platforms (Adalo, Glide, Bubble - not named in deck).

• Raising to invest in non-organic growth: paid marketing (SEM) and an active sales team.
• Three investment pillars: (1) Self-Serve (SEO + SEM + community), (2) Enterprise Contracts (direct sales + multi-seat), (3) Revenue Share (engineering investment in monetization integrations).
• Team composition, founder names, headcount: not in classified slides.

• Archetype + why: SaaS ARR model with a seat-based cohort structure, supplemented by a revenue-share line item. Thunkable explicitly uses per-seat SaaS pricing (like Slack/Dropbox), has a funnel-to-PQL conversion metric, and is investing in enterprise sales - all classic B2B SaaS drivers. The ad/transaction revenue share adds a usage-based layer but is secondary.

• Forecast horizon & granularity: 5 years (Year 1–2 monthly, Year 3–5 annual). Monthly granularity is appropriate given they are tracking weekly sign-up and PQL volumes.

• Key drivers & assumptions:
• Weekly sign-up volume
• Sign-up → PQL conversion: 41%
• Traffic growth rate (organic):
• PQL → paid conversion rate:
• Average seats per paying customer:
• Average revenue per seat per month (ARPU):
• Logo churn (annual):
• Seat expansion (net revenue retention):
• Revenue share (AdMob):
• Headcount ramp (sales team):
• CAC (paid):
• Gross margin:

• Scenarios (Base / Bull / Bear - which variables flex):
• Base: organic traffic compounds at 25% YoY; self-serve PQL→paid at 8%; enterprise adds 5–10 logos/yr from Year 2; NRR 115%.
• Bull: paid SEM accelerates sign-up volume 2×; enterprise ramp faster (20 logos/yr by Year 2); NRR 125%; revenue share adds 5% of total revenue.
• Bear: organic traffic flattens (10% YoY); PQL→paid conversion drops to 5%; enterprise sales ramp delayed 12 months; NRR 105%.

• Required sheets / outputs:

1. Assumptions - all drivers in one place with Base/Bull/Bear toggles.
2. Funnel Model - weekly sign-ups → PQLs → paid customers (self-serve vs. enterprise split).
3. ARR Bridge - new ARR, expansion ARR, churned ARR, net new ARR per period.
4. Revenue Schedule - subscription MRR/ARR + revenue share line.
5. P&L (Income Statement) - revenue, COGS (hosting/infra), gross profit, S&M, R&D, G&A, EBITDA.
6. Headcount Plan - engineering, sales, marketing, G&A.
7. Cash Flow & Runway - operating cash burn, raise proceeds, months of runway.
8. KPI Dashboard - ARR, MRR, logo count, NRR, CAC, LTV, LTV/CAC, payback period.