The Marketplace Plus Model Explained | Colin Gardiner of Yonder VC
Run the Numbers
Should Marketplaces Lean Toward Supply or Demand?
Colin argues supply is an early founding problem while demand is the long-term challenge, advising clear prioritization.
In this episode of Run the Numbers, CJ Gustafson sits down with Colin Gardiner, General Partner at Yonder VC and former Chief Revenue and Product Officer at Outdoorsy, to unpack what really drives successful marketplace businesses. Colin shares lessons from scaling a peer-to-peer RV platform, where the biggest unlock came not from casual users but from power hosts optimizing utilization and yield through the SaaS tools they built. He introduces his “Marketplace Plus” investing framework—showing how layering SaaS and professional tools can transform a platform into an operating system—and where founders risk overreaching by taking on inventory or managing supply too tightly. The conversation dives deep into monetization, pricing psychology, take rates, and the fine balance between product-market fit and margin obsession, before zooming out to explore how AI and the decline of SEO are reshaping marketplace discovery.
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LINKS:
Colin on LinkedIn: https://www.linkedin.com/in/colingardiner/
Company: https://www.yonder.vc/
CJ on X (@cjgustafson222): https://x.com/cjgustafson222
Mostly metrics: https://www.mostlymetrics.com
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RELATED EPISODES:
996 Culture, Exploding AI Bills & SaaS Chaoshttps://youtu.be/qhrxDL0gsRo
“Keep the Take Rate Low” - Turo’s Chuck Fisher on Scaling a Successful Peer-to-peer
The Art of Stacking S-Curves: Olo’s Winning Vertical SaaS Strategy with CFO Peter Benevides
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TIMESTAMPS:
00:00:00 Intro and Guest Overview
00:02:57 Sponsors – RightRev, Tipalti, and Aleph
00:07:13 Outdoorsy and the RV Market
00:10:33 Balancing Supply and Demand
00:13:05 Marketplace Plus Model
00:16:59 Sponsors – Fidelity Private Shares, Metronome, and Mercury
00:21:45 Professionalizing Marketplaces
00:24:10 Building Software, Insurance, and Financing Layers
00:28:07 Avoiding Fully Managed Models
00:32:34 Take Rates and Pricing Strategy
00:35:00 Monetizing Both Sides
00:37:06 Advertising and Marketplace Scale
00:39:48 Marketplaces Meet Social Platforms
00:42:36 AI and Marketplace Distribution
00:45:54 AI Agents and Matchmaking
00:47:03 When AI Becomes the Supply
00:49:09 Negative Gross Margins and Scale
00:53:04 Picking a Side – Supply or Demand
00:54:35 Branding, Utilization, and Growth
00:55:42 Closing and Credits
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SPONSORS:
RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.
Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more.
Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run
Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off.
Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com
Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com
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#RunTheNumbersPodcast #MarketplaceStrategy #AIPoweredBusiness #SaaSModel #StartupFinance
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com
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