Mosaic raised $25 million in a Series B round of funding led by the Founders Fund.
Bijan Moallemi, Joe Garafalo, and Brian Campbell met at Palantir Technologies, where they worked on building out the company's finance organization to 2,500 people and over $750 million in revenue. After working at companies such as Piazza and Everlaw, the trio moved on to other senior finance roles.
The off the shelf tools we tried had a hard time keeping up with the needs of the business.
Mosaic is a strategic finance platform that is designed to ingest data from a number of systems.
Mosaic says it has grown its customer base by 3.5x over the past two years. It saw its annual recurring revenue grow by 4x over the past year.
Moallemi said they plan to stay on target.
Moallemi said that Mosaic is born out of their experience as CFOs and as domain experts over the past decade. If you think about how CFOs do their work, 80% of their time is manual. It pulls down data from disparate systems and does ad hoc formulas in excel. 20% of their time is strategic, making an impact on the business.
Mosaic wants to flip that ratio on its head.
Danny Crichton, our former managing editor, said last year that the company wants to build a gateway to connect an entire company to discuss finance in a more collaborative fashion. Mosaic focuses on reporting and planning, but it wants to open up the forecasts and dashboards so more people can have a better idea of what's going on.
Its business model is similar to a typical platform. It doesn't charge per user, but that may change in the future.
The startup raised $18.6 million in a Series A led by General Catalyst. It didn't reveal its valuation.
Mosaic raises $18.5M Series A from GC to rebuild the CFO software stack
General Catalyst was a backer in the Series B.
The firm co-founded by Peter Thiel is leading its latest round.
Even the newest companies tend to inherit old and cumbersome finance tools to plan their growth. Mosaic gave companies access to a Strategic Finance Platform that works as quickly and effectively as the best teams do.
Mosaic is a perfect example of a founder-market fit, with founders who have solved the strategic finance problem before.
He believes that the startup is taking a more ambitious approach to strategic finance than some of their competitors.
The vision of blending ease-of-use and enterprise-gradeFunctionality and Flexibility is what sets it apart.
The startup wants to continue to invest in its product and focus on its go-to-market strategy.
Moallemi said they want to get in front of more customers.
He said that its product works for all sizes of companies.
Moallemi said that they were working with smaller series A type customers a year ago. We want to keep growing that spot.
Mosaic has 85 employees, up from 30 last year.
The raise of another startup that aims to make the job of a CFO more efficient was reported by TechCrunch earlier this month. After leaving his role as CFO of Better.com in the middle of the year, he set about developing automation technology that would help CFOs. He launched Glean Artificial Intelligence in early 2020 to help businesses save money by using machine learning to analyze things like deal terms, line-item data, redundant offerings and negotiation opportunities.
All Rights Reserved © 2024
