Today we are thrilled to announce that Mosaic has closed $18.5 million in Series A funding to execute on our vision to build the world’s first strategic finance platform. The round was led by General Catalyst, with additional participation from XYZ Venture Capital, Felicis Ventures, and Village Global.
Alongside our funding, we’ve also compiled an extraordinary group of visionary CFOs to join our 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.
We’re excited to continue building the future of strategic finance and expand on our vision to build a platform that helps organizations make better financial decisions — software that brings 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.
While this fundraise will lead to the next chapter in Mosaic’s journey, our roots can be traced back to 2012 when the three founders first met while building and leading the Finance function at Palantir. At that time, Palantir was in a phase of hyper-growth, and it was our responsibility to scale the Finance function as the company grew from 200 to more than 2,000 people around the world. While other areas of the business – sales, marketing, recruiting and more – had access to modern and sophisticated automation tools that streamlined workflows, our team was left working in disconnected spreadsheets that required manual work and long hours. We knew this would not scale and started to automate and build, instead of throwing more heads at the problem, which laid the foundation for what we are now building.
After Palantir, we each went on to lead Finance for other high growth venture backed companies where we faced the same problems and once again found ourselves creating customized solutions to solve them. It became increasingly clear to us that these issues were universal, and that the office of the CFO was fundamentally broken. The failures of previous FP&A software to keep pace with a growing constellation of disconnected cloud-based tools has left Finance leaders struggling to keep up. Tracking financial health was confusing, required extraordinary amounts of manual data entry and manipulation, and the resulting information was often out of date by the time it got into decision-makers’ hands. In today’s fast-paced world, a delayed view of what happened “last month” is no longer acceptable.
In 2019, we decided to tackle the problem head-on. There is no reason that Finance, the team tasked with managing, organizing and making sense of data from across the business to ultimately inform its trajectory, should be forced to use technology from generations ago. At Mosaic, we believe that getting a real-time understanding of your financial health and strategically planning for the future shouldn't be confusing or require manual labor.
We believe software should integrate with, join and update financial data across the tools you are using to run your business. Artificial intelligence and machine learning should assist in forecasting versions of the future, allowing people to focus on the most strategic elements of their job so they can guide the business forward. When these outputs are housed within a software tool, cross-functional collaboration becomes possible, and businesses can operate off a shared set of truth, increasing speed and trust in decision making.
During this time of extreme uncertainty, it is more important than ever for CFOs and business leaders to adapt and plan for the future with speed and precision. Mosaic is uniquely positioned to provide this super power for the business. This new round of funding will help us accelerate the realization of the strategic finance vision by growing our world class team across engineering, sales, marketing, customer success and more.
We pride ourselves on being a mission-driven and team-oriented organization, and we owe a huge thanks to our incredible team, early customers and investors for all the guidance and support you have given us so far.
— Bij, Joe, Brian