Mosaic Secures $18.5 Million Series A to Build the Future of Strategic Finance, Bringing Total Funding to $21 Million
General Catalyst leads investment in software platform that provides CFOs with real-time data and insights needed to make informed financial decisions
Mosaic, the company building the world’s first strategic finance platform, announced it has raised a $18.5M Series A, bringing its total funding to $21M. The round was led by General Catalyst with participation from Felicis Ventures, Village Global and XYZ Ventures. With this financing, Mosaic will accelerate its product development and grow its team across multiple departments.
Mosaic, founded in April of 2019, has developed a software platform that puts the latest advancements in technology directly into the hands of CFOs and business leaders so they can easily understand the financial health of their business, optimize growth and plan for the future. The company’s founders, Bijan Moallemi, Joseph Garafalo and Brian Campbell, met in 2012 while building a world class Finance function at Palantir as the company grew from 200 to more than 2,000 people around the world. They eventually left to work for other high growth venture-backed companies, where they once again had to start from square one to develop financial technology solutions to help them lead the Finance function and drive key strategic business decisions.
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“It became increasingly clear to us that the issues we were running up against – disconnected cloud-based tools, manual data entry and manipulation to track financial health – were universal, and that the office of the CFO was fundamentally broken,” said Bijan Moallemi, founder and CEO at Mosaic. “In today’s fast-paced world, a delayed view of what happened ‘last month’ is no longer acceptable. We founded Mosaic to provide CFOs and their teams with tools that quickly and efficiently interpret data and allow for more informed decision-making.”
Mosaic’s software platform integrates with and updates financial data across the tools CFOs are already using. It incorporates artificial intelligence and machine learning to assist in forecasting versions of the future, enabling people to focus on the most strategic elements of their job. The platform also creates cross-functional collaboration, which allows businesses to rely on a shared set of truths that provide decision-makers with the ability to adapt and plan for the future with speed and precision.
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“2020 was a year defined by uncertainty, and for financial professionals, uncertainty isn’t just a nuisance. It can have a lasting impact on the future of a company,” said Trevor Oelschig, managing director at General Catalyst. “Bijan, Joe and Brian experienced first-hand how outdated technology can disrupt and slow down important financial decisions. We’re excited to back Mosaic as the company continues to provide financial leaders with more insight and helps influence the trajectory of some of today’s fastest-growing businesses.”
To support the company as it continues to build upon its initial offerings, Mosaic has compiled a group of visionary CFOs to join its investor network and form Mosaic’s CFO Advisory Board, including current and former CFOs at Gusto, Dropbox, Hubspot, Procore, Netsuite, Zendesk, Palantir, Yahoo, and Shopify. This board will provide invaluable insight into additional features that Mosaic’s technology can bring to the office of the CFO.