The difference is that GrubHub has high fixed costs and high variable costs for drivers. A SaaS model has fixed costs for developers, sales, support etc. But

The difference is that GrubHub has high fixed costs and high variable costs for drivers. A SaaS model has fixed costs for developers, sales, support etc. But marginal costs to add new customers is minimal. Revenue may be in the billions. But they are all losing money. The smaller companies can easily be “lifestyle businesses” that hire in low cost of living areas and go after “enterprise devs” who are very happy to make $135k - $165K and don’t expect “equity”. I spent most of my entire career as an “enterprise dev” working with SaaS companies in the bill payment space, field services, and health care. I’m in $BigTech now working in the cloud consulting department working with a lot of the same types of companies.