# Thunkable Financial Model No-code platform to build and publish native mobile apps for iOS and Android. - Canonical: https://finamodel.com/startups/thunkable - Excel download: https://finamodel.com/startup-models/thunkable.xlsx - Category: Dev Tools - Model type: SaaS ARR / Valuation - Funding round: Series B - Funding: $30M - Founded: 2022 - Geography: Not in deck (US-headquartered based on App Store / Google Play references). - Customer: B2B2C ## About the company Thunkable is a no-code platform for building and publishing native iOS and Android apps. Its visual editor supports device features, live testing, collaboration, and integrations without requiring users to write code. It sells per-seat SaaS subscriptions and also earns a share of AdMob revenue generated inside customer apps, with future Stripe transaction sharing planned. Thousands of weekly signups and a 41% sign-up conversion rate support its product-led funnel. The model is seat-based ARR with revenue-share upside. Signups, PQLs, paid seats, price, expansion, and churn build SaaS revenue; app advertising and payments add variable income. Organic acquisition and enterprise sales drive scale. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition 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. ## Market 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. ## Revenue model - **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). ## Traction & metrics 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. ## Competition / moat 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). ## Team & funding ask / use of funds - 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. --- ## Recommended financial model - **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. ## Frequently asked questions ### Is the Thunkable financial model free? Yes. The Thunkable model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.