Mosaic – a Strategic Finance Platform for real-time data analysis and collaborative financial planning – recently announced a $26 million Series C funding round led by OMERS Ventures, with participation from existing investors, Founders Fund, General Catalyst, and Friends and Family Capital.
The company’s core mission is to help companies meet the challenges of balancing high growth with capital efficiency. And this latest round of funding will expand Mosaic’s investment in AI, empowering high-growth SMB and mid-market finance leaders with the power to strengthen their roles as strategic partners in their businesses.
The tedious manual tasks and the historically complex implementations of legacy FP&A solutions have prevented finance teams from focusing on more strategic tasks in the business. And with AI-powered features and an open API, Mosaic is building a platform that transforms finance leaders into data masters and strategic partners rather than just Excel wizards.
By delivering a fast time-to-value through real-time analytics and dynamic planning features designed to remove data complexities, Mosaic makes any data instantly actionable to drive organizational success.
Since being founded in 2019, Mosaic’s ability to deliver on this mission led GGV Capital, Crunchbase, and Nasdaq to name Mosaic to the 2023 SMBTech 50 list.
KEY QUOTES:
“Mosaic’s impressive 300% growth amid the current macroeconomic downturn is a testament to the innovation gap in the market as companies recognize the need for the next generation of strategic finance software. AI is rapidly revolutionizing every industry, and the finance space is poised to reap enormous benefits. That’s why we’re investing heavily in making AI core to what Mosaic offers. From leveraging advanced AI language models to employing intuitive AI automation capabilities, Mosaic is committed to reducing workflow friction and simplifying financial decision-making for our customers.”
— Adam Landefeld, head of product at Mosaic
“As Mosaic continues to rethink the CFO software stack, our strategic investment in AI serves to address the critical need for finance teams to provide faster, more strategic insights to their business partners across the organization. For example, our platform roadmap includes a myriad of AI-driven enhancements such as automated forecasts versus actuals breakdowns, model roll-forward and metric analysis.”
— Mahesh Guruswamy, the product engineering veteran Mosaic brought on as vice president of engineering to spearhead its development and AI strategies
“One reason Bijan Moallemi, Brian Campbell, and I started Mosaic in 2019 was because of our shared experience of implementing an incumbent FP&A software while working in finance at Palantir. It took us over six months to put that platform in place, and ongoing maintenance was a nightmare. Right now, we can already get Mosaic customers up and running in four weeks. By bringing AI to our data workflows, we’ll significantly shorten that timeline and help users avoid the garbage in, garbage out problem that kills value in this space.”
— Joe Garafalo, co-founder and COO of Mosaic
“In 2023, we’re on pace to see the lowest volume of Series C venture capital deals in years. Companies that can raise a Series C in this environment need to showcase massive potential, which we saw in Mosaic. The company’s 3x top-line growth in 2022 was uncommon, not just in the finance software space but in SaaS at large. Now, we’re excited to see how Mosaic continues to innovate and bring its Strategic Finance Platform to finance leaders.”
— Eugene Lee, partner at OMERS Ventures
“Mosaic builds powerful and intuitive software products that can help unlock value for every finance team, CFO and CEO. As the former longtime CFO of Palantir, I worked side by side with the Mosaic founders to solve our most critical strategic finance workflows with powerful software. This capital raise builds on Mosaic’s position of strength in the market and enables them to continue to develop great products for the tens of thousands of finance teams out there looking for a better way to win.”
— Colin Anderson, former CFO at Palantir and founding partner at Friends and Family Capital
“New features like Metric Builder, our easy-to-use engine for creating, analyzing and planning custom metrics, have helped us drive significant growth in the last 12 months. We’ll use this latest investment to continue bringing unparalleled, enterprise-grade functionality and consumer-grade ease of use to SMB and mid-market companies while expanding into new verticals and serving more up-market customers.”
— Bijan Moallemi, co-founder and CEO at Mosaic
