The new funding round fuels Mosaic’s expansion centered around delivering predictive AI solutions that elevate the strategic role of finance for customers like Emerge, Sourcegraph, and Drata, as well as SMB and mid-market prospects
SAN DIEGO, June 7, 2023 — Mosaic, the first Strategic Finance Platform for real-time data analysis and collaborative financial planning, today 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.
“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,” said Adam Landefeld, head of product at Mosaic. “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.”
Mosaic’s core mission is to help companies meet the challenges of balancing high growth with capital efficiency. 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.
“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,” said Mahesh Guruswamy, the product engineering veteran Mosaic brought on as vice president of engineering to spearhead its development and AI strategies. “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.”
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. With AI-powered features and an open API, Mosaic is building a platform that transforms finance leaders into data masters and strategic partners — not just Excel wizards.
“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,” said Joe Garafalo, co-founder and COO of Mosaic. “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.”
“In 2023, we’re on pace to see the lowest volume of Series C venture capital deals in years,” said Eugene Lee, partner at OMERS Ventures. “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.”
By delivering the market’s fastest 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.
“Mosaic builds powerful and intuitive software products that can help unlock value for every finance team, CFO and CEO,” said Colin Anderson, former CFO at Palantir and founding partner at Friends and Family Capital. “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.”
“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,” said Bijan Moallemi, co-founder and CEO at Mosaic. “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.”
Since its founding 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.
About Mosaic
Mosaic is the maker of the world’s first Strategic Finance platform. The company provides finance and business leaders with a real-time analytics and planning platform that helps teams get from data to decision, faster. High-growth companies like Emerge, Sourcegraph, and Drata rely on Mosaic to manage the financial health and outlook of their businesses with automated insights and flexible business modeling. Mosaic is a private company backed by leading venture capital firms such as OMERS Ventures, General Catalyst, Founders Fund, and XYZ. Learn more at mosaic.tech.
About OMERS and OMERS Ventures
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with CAD$124 billion in net assets as of December 31st, 2021. OMERS is a jointly-sponsored pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. OMERS members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. Contributions to the Plan are funded equally by members and employers. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate.
OMERS Ventures currently manages CAD$2 billion and has made more than 50 investments in disruptive technology companies across North America and Europe. www.omersventures.com.
Contact:
Matt Maurel
[email protected]
512-387-3440
SOURCE Mosaic.tech
