Mona has raised an oversubscribed $3.5 million financing round to expand its AI platform for small business capital access and financial coaching. Sandberg Bernthal Venture Partners led the round, with participation from Alumni Ventures, Wisdom Ventures, former Google CEO Eric Schmidt and other angel investors.
Mona is also backed by the Mastercard Strive USA Innovation Fund.
The platform is designed to help small business owners navigate lenders, government programs, grants and other capital sources through a common application.
Mona uses AI to identify relevant financing opportunities, streamline applications and provide guidance based on an entrepreneur’s business.
The company combines the technology with human financial coaching intended to provide ongoing assistance rather than only helping with a single funding application.
Mona said it has already supported thousands of small businesses and helped entrepreneurs secure millions of dollars in affordable capital.
The company has early traction in Chicago, Detroit, Jacksonville, New York City and San Francisco.
Mona was founded by Andrew Leon Hanna and Anny Dow, who met at Stanford and drew inspiration from their families’ experiences as immigrant small business owners.
The company is also partnering with Mastercard Strive USA to work with small business support organizations and expand the reach of its platform.
Mona was recently named to Fast Company’s World Changing Ideas List.
KEY QUOTES:
“Small businesses are the engine of the American economy, but there’s a huge market gap in the tools, guidance, and resources available to them. Mona is closing that gap by leveraging AI to help small business owners find capital opportunities, apply for financing, and access high-quality coaching.”
Gareth Schweitzer, Partner at Sandberg Bernthal Venture Partners
“Small businesses create the majority of net new jobs and are the heartbeats of our communities. Yet they are expected to make high-stakes financial decisions with limited support. By pairing AI with human expertise, we’re building toward a world where every entrepreneur can have a trusted financial coach in their corner to help them grow.”
Andrew Leon Hanna, Co-Founder of Mona
“As AI continues to disrupt industries, there is a huge opportunity to make sure small businesses are not left behind and receive the support they need to grow.
By combining new technology with the reach and trust of community organizations, Mona is helping improve small business financial health by increasing their cash flow, reducing financial volatility, and expanding access to affordable capital so small business owners can focus on keeping their small business dreams going.”
Jonathan Fantini-Porter, Senior Vice President of Americas at the Mastercard Center for Inclusive Growth
