Mosaic, the “first” strategic finance platform, recently announced that it has raised $25 million in Series B financing.
This brings its total funding to $46 million “in under 14 months,” the team at Mosaic confirmed while revealing that the investment round was led by Founders Fund, with contributions from existing investors General Catalyst, XYZ Venture Capital, Fifth Down Capital, and Friends & Family Capital.
The deal “reunites Peter Thiel, Managing Partner at Founders Fund and Co-founder of both Palantir Technologies and PayPal, with the team that helped build the finance department at Palantir.”
The proceeds will be used “to further expand the company’s product development and go to market teams as Mosaic continues to add greater depth and flexibility to its suite of financial products, transforming the way CFOs operate.” As noted in the update, this includes “a new topline planning component that will debut later this year.”
In addition to funding, Mosaic “demonstrated impressive momentum with triple-digit growth in its customer base since completing its Series A financing in early 2020.”
The firm has done so by “helping high-growth companies like Pipe, Kandji, Drata, Fivetran, Sourcegraph, and Crossbeam meet the challenges of rapid scale by delivering real-time analytics and dynamic planning features that help their finance teams collaborate with department heads, enabling current and future unicorns to unlock profit drivers and grow faster than ever before.”
John Luttig, Principal of Funders Fund, stated:
“Strategic finance is still trapped inside of Excel. Mosaic recognized that a shift to Google Sheets wasn’t going to drive the future of finance. Its platform brings financial planning into the modern era.”
At a time when hyper growth companies are scaling faster than ever, Mosaic is “driving a vision of strategic finance where companies don’t have to rely on manual financial analysis and planning in spreadsheets that can’t keep pace with business needs.”
In fact, over the past 12 months alone, over $500 million in venture capital has “poured into the sector to help business leaders gain control over their growth trajectory.”
And with remote job postings increasing nearly 300% between 2019 and 2021, it’s been harder than ever “to keep departments aligned and generate a complete, up-to-date view of the business.”
Bijan Moallemi, CEO and Co-founder of Mosaic, remarked:
“A wave of department-specific cloud solutions has fragmented company data. And there hasn’t been a strong enough solution to help finance teams at high-growth companies handle that fragmentation to move beyond legacy FP&A processes. Business intelligence is highly technical. ERP systems offer great snapshots, but limited visibility across the business. And point solutions answer hyper-specific department questions without showing the bigger picture. Mosaic is gaining traction because we’re breaking down data silos, bringing all the pieces of a company’s puzzle together, and empowering CFOs to focus more of their time and effort on forward-looking growth initiatives.”
As noted in the announcement, Mosaic launched in 2019 “on the concept of strategic finance, a long overdue reboot of traditional FP&A functions.”
Recently, Stanford Business School “started offering a Strategic Finance Leadership Program, further emphasizing the trend toward a new era for the office of the CFO.”
During the past year, Mosaic has “focused on building out features for core components of its strategic finance platform centered around data integration, real-time analytics, and agile planning.”
The result gives finance leaders “full control over what data they want to analyze without the need for technical skill sets.”
Mosaic’s Analysis Canvas is part dashboard, part document, “providing teams a space for building collaborative flash reports with hundreds of out-of-the-box metrics, significantly accelerating critical decision making.”
For more details on this update, check here.