Mosaic, which aims to change the way CFOs work in fast-growing companies, has raised $25 million in a Series B funding round led by Founders Fund.
landing Mulemi, Joe Garafalo and Brian Campbell to debut in San Diego mosaic After meeting in 2019 at Palantir Technologies, where he worked to grow that company’s financial organization to 2,500 people and over $750 million in revenue. The trio moved on to other financial leadership roles at companies such as Piazza, Axoni and Everla before merging back into Mosaic.
“During this visit, we tried every tool available and it was very difficult for them to keep up with the needs and demands of the company,” recalls CEO Moalemi. “We realized that these were not only Palantir’s problems, but in fact all companies faced these problems.”
threesome Describing Mosaic as a “strategic finance platform”, it is designed to collect data from multiple systems – ERP, HRIS, CRM, etc. to provide strategic planning tools.
Over the past two years, Mosaic claims to have grown its customer base 3.5x thanks to customers such as Pipe, Kandzi, Drata, Fivetran, SourceGraph and Crossbeam. Over the past year, annual recurring income (ARR) has quadrupled.
“We intend to stay on that path this year as well.” Moalemi said.
“Mosaic has grown from our experience as CFOs and subject matter experts over the last decade,” Moalemi said. “We are trying to create a category of strategic finance. When you think about how CFOs work, you realize that 80% of their time is mostly manual, right? It extracts data from various systems, performs special Excel formulas, often a one-way analysis. They are more strategic only 20% of the time, which has an impact on the business. ,
Mosaic aims to turn this relationship on its head.
As our former editor-in-chief Danny Crichton pointed out last year, the company wants to create a gateway to connect the entire company to discuss finance in a more collaborative way. So while Mosaic focuses on reporting and planning – the pillars of Treasury – it wants to make these dashboards and forecasts more widely available to the business so that more people understand what’s going on and also provide feedback to the CFO.
The business model is similar to any typical SaaS platform. Today there is no per user fee, but this may change over time.
The startup last raised an $18.5 million Series A in January 2021, led by General Catalyst, who was also involved in the company’s most recent funding. He refused to disclose his ratings.
General Catalyst also entered Series B with another existing lender, XYZ.
Founders Fund is leading its latest round as this company was co-founded by Peter Thiel, who also co-founded Pepe and… Palantir.
Thiel said in a written statement: “Recent companies also use old and cumbersome financial instruments to plan their growth. Mosaic saw this problem and solved it by giving companies access to a strategic financing platform that works quickly and efficiently, like the best teams. ,
Founders Fund director John Lattig told gaming-updates that Mosaic is “a great example of strong founder-to-market fit” with founders who “have previously tackled a strategic financial challenge in many companies.”
He said he believes the startup is taking a more ambitious approach to strategic funding than some competitors who are making “incremental improvements” to spreadsheet-based processes or “creating clunky business-oriented software.”
“Mosaic’s vision to combine ease of use with enterprise-grade functionality and flexibility is what sets it apart from others,” said Lattig.
run The new capital investment plans include continued investment in its product, with significant funds allocated to research and development. The company also wants to focus on its go-to-market strategy.
“We want to attract more customers,” Moalemi said.
According to him, the product works for companies of any size, both at an early and late stage.
“A year ago we were working with smaller Series A clients,” Moalemi told gaming-updates. “Now this nice place has been fully expanded to include Unicorn’s larger clientele. We want to further develop this pleasant place.”
Mosaic currently has 85 employees, up from 30 last year.
Earlier this month, gaming-updates also announced the launch of another startup to make the CFO’s job more efficient: collect AII A few months after stepping down as CFO of Better.com in 2019, Katzenberg began inventing automation technology that would help solve some of the problems CFOs face. In early 2020, he launched Glenn AI, a startup that aims to help companies save money by using machine learning to analyze things like deal terms, position data, oversupply and negotiation opportunities.