EPISODE · Nov 10, 2025 · 56 MIN
The Marketplace Plus Model Explained | Colin Gardiner of Yonder VC
from Run the Numbers · host CJ Gustafson
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.—LINKS:Colin on LinkedIn: https://www.linkedin.com/in/colingardiner/Company: https://www.yonder.vc/CJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: https://www.mostlymetrics.com—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-peerhttps://youtu.be/LKH8o1MjnZoThe Art of Stacking S-Curves: Olo’s Winning Vertical SaaS Strategy with CFO Peter Benevideshttps://youtu.be/1X2VoYogj44—TIMESTAMPS:00:00:00 Intro and Guest Overview00:02:57 Sponsors – RightRev, Tipalti, and Aleph00:07:13 Outdoorsy and the RV Market00:10:33 Balancing Supply and Demand00:13:05 Marketplace Plus Model00:16:59 Sponsors – Fidelity Private Shares, Metronome, and Mercury00:21:45 Professionalizing Marketplaces00:24:10 Building Software, Insurance, and Financing Layers00:28:07 Avoiding Fully Managed Models00:32:34 Take Rates and Pricing Strategy00:35:00 Monetizing Both Sides00:37:06 Advertising and Marketplace Scale00:39:48 Marketplaces Meet Social Platforms00:42:36 AI and Marketplace Distribution00:45:54 AI Agents and Matchmaking00:47:03 When AI Becomes the Supply00:49:09 Negative Gross Margins and Scale00:53:04 Picking a Side – Supply or Demand00:54:35 Branding, Utilization, and Growth00:55:42 Closing and Credits—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/runFidelity 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.comMercury 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—#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
What this episode covers
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.—LINKS:Colin on LinkedIn: https://www.linkedin.com/in/colingardiner/Company: https://www.yonder.vc/CJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: https://www.mostlymetrics.com—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-peerhttps://youtu.be/LKH8o1MjnZoThe Art of Stacking S-Curves: Olo’s Winning Vertical SaaS Strategy with CFO Peter Benevideshttps://youtu.be/1X2VoYogj44—TIMESTAMPS:00:00:00 Intro and Guest Overview00:02:57 Sponsors – RightRev, Tipalti, and Aleph00:07:13 Outdoorsy and the RV Market00:10:33 Balancing Supply and Demand00:13:05 Marketplace Plus Model00:16:59 Sponsors – Fidelity Private Shares, Metronome, and Mercury00:21:45 Professionalizing Marketplaces00:24:10 Building Software, Insurance, and Financing Layers00:28:07 Avoiding Fully Managed Models00:32:34 Take Rates and Pricing Strategy00:35:00 Monetizing Both Sides00:37:06 Advertising and Marketplace Scale00:39:48 Marketplaces Meet Social Platforms00:42:36 AI and Marketplace Distribution00:45:54 AI Agents and Matchmaking00:47:03 When AI Becomes the Supply00:49:09 Negative Gross Margins and Scale00:53:04 Picking a Side – Supply or Demand00:54:35 Branding, Utilization, and Growth00:55:42 Closing and Credits—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/runFidelity 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.comMercury 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—#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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The Marketplace Plus Model Explained | Colin Gardiner of Yonder VC
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