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Mosaic Raises $26M Series C to Expand the Vision of Strategic Finance

Published on June 7, 2023
Bijan Moallemi

Founder and CEO

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This latest round of funding will help us expand our vision for strategic finance to a wider audience, including upmarket SaaS companies and new verticals. While the core vision remains the same, expect to see a much more robust set of planning and analytics features in the coming months as well as more powerful automation thanks to our investments in AI.

The last twelve months haven’t been easy for anyone in the tech world. Right when it seemed like we’d rounded a corner after the worst of a global pandemic, the markets took a turn for the worse and we all had to adapt.

With the market downturn that hit in 2022 came a need for every company — especially high-growth, VC-backed companies — to prioritize capital efficiency with a whole new level of rigor. And the reality is that venture capital went from being abundantly available to being reserved for only the most “investable” companies that showcase a balance of consistent growth and financial efficiency.

That’s why, even though there’s a level of excitement around any funding announcement, we’re particularly proud to announce that we’ve just raised a $26 million Series C funding round from OMERS Ventures, with continued investment from Founders Fund, General Catalyst, and Friends and Family Capital. This round marks a new era of growth for Mosaic and an opportunity to bring our vision of strategic finance to more companies than ever before.

Steal the due diligence checklist we used to raise our Series C

How We Got Here

We owe our ability to grow through such a turbulent market to the tireless, often thankless, work that finance teams do on a daily basis.

We’ve always believed that business leaders of all kinds should view finance as strategic partners, not just back-office scorekeepers. And market conditions like the ones we’re pushing through now show exactly why that’s the case.

It’s times like these when companies should be investing more in finance, not less. Finance’s unique position at the intersection of all business data makes it the perfect function to identify opportunities to not just cut costs but to guide the company toward efficient growth. But without the support of a modern tech stack, they’re often too bogged down with manual, backward-looking tasks to fulfill that role.

More and more finance leaders are coming to Mosaic for help flipping the paradigm of manual, backward-looking tasks by automating that low-level work and enabling them to spend 80% of their time acting as strategic business partners. That’s how we were able to grow 3x over the last 12 months and get recognized by GGV Capital, Nasdaq, and Crunchbase for the 2023 SMBTech 50 list.

 

Mosaic Co-Founders Bijan Moallemi and Joe Garafalo at the opening bell ceremony for the SMBTech 50

Our mission has always been to bring unparalleled, enterprise-grade functionality and consumer-grade ease of use to SMB and mid-market finance teams and their partners.

Making the SMBTech 50 was good validation that we’re on the right track. This latest round of funding is going to fuel the next phase.

What’s Next

This new investment will accelerate our ability to release features and capabilities that matter to our existing customers and prospects alike. First and foremost, we’ll be expanding the functionality of our Planning and Analysis products. This includes:

  • Adding more flexibility to our modeling components so you can address even the most unique edge cases for your business
  • Expanding the capabilities of Metric Builder so you can automate insights and forecast the custom metrics that matter most to your business
  • Building more direct integrations with the source systems our customers need while refining an open API to make connecting your data as simple as possible

Beyond being able to accelerate our timeline for short-term development plans, this latest round of funding is also enabling us to make more significant investments in AI. AI is already revolutionizing every industry, and the finance space is poised to reap enormous benefits. We’re making AI a core component of Mosaic moving forward to help you embrace strategic finance. As we roll out AI-powered features, expect to see:

  • Faster implementation and time to value for Mosaic by identifying data integrity issues that complicate ingestion
  • Automated insights and a ChatGPT-like experience that helps you understand forecasts vs. actuals, explain trends in your data, and identify opportunities to improve performance
  • More seamless model roll forwards and scenario planning

We’ve been building Mosaic for over four years now, but in many ways, this feels like the very beginning. Our amazing customers, employees, and investors have gotten us this far, and we’re more motivated than ever to execute the vision for strategic finance that we outlined at the very beginning.

Thank you for following along with us to this point. We’re excited to show you exactly what’s next as we enter this new era for Mosaic.

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