Mosaic raises $26M to help inform companies’ financial decisions
Mosaic, a startup that aims to simplify financial planning and analysis tasks for organizations, has recently secured a $26 million Series C funding round. The round was led by OMERS Ventures and joined by Friends and Family Capital, General Catalyst, and Founders Fund, bringing the company’s total invested funds to $73 million. Bijan Moallemi, co-founder of Mosaic, says that most financial planning and analysis teams spend the bulk of their time on data-gathering and administering processes. This is mainly due to outdated systems and software tools, resulting in scarce time for generating insights that could spur business growth.
Centralizing Operational Data
Mosaic’s platform aims to centralize operational data from across an organization, providing real-time planning and analytics features such as dashboards, modeling tools, and data visualization tools that are specifically tailored to financial planning use cases. This allows users to promptly share insights with stakeholders and gain a better sense of when to execute their plans, such as when to expand sales teams or raise another round of funding.
Eliminating the Need for IT Resources
Mosaic is designed to eliminate the need for IT resources in implementation or maintenance. Instead of needing IT to respond to requests for data, business users can get real-time insight into the metrics that impact their daily activities. Mosaic’s platform also allows for creating customized department or executive views for due diligence and go-to-market analysis, providing a unified source of truth. Additionally, Mosaic’s burn rate is steadily decreasing each year since its founding in 2019, and the pandemic accelerated its business growth, according to Moallemi.
Expansion Plans
Currently, Mosaic has 80 full-time employees and plans to expand the platform’s AI capabilities in the coming years. Plans include introducing tools similar to its recently-launched Metric Builder, which lets customers create, analyze, and plan custom financial metrics. Moallemi adds that Mosaic will continue to expand its planning and analysis features while bringing AI in as a core part of the platform to empower agile and strategic finance leaders.
Editorial and Advice
Mosaic’s successful fundraising round is a testament to the growing demand for innovative financial planning and analysis tools that maximize the amount of work organizations can do without adding headcount. In the current market, technology is revolutionizing the role of the CFO, and businesses must prioritize creating a tech-equipped finance team to keep up with the competition's rapidly changing demands.
With the ever-evolving business landscape amidst the pandemic, organizations' financial teams need to implement technology solutions that can provide real-time insights and effective data analysis. Technologies such as Mosaic's platform can significantly simplify the financial planning and decision-making processes.
Since Mosaic’s platform eliminates the need for IT resources in its implementation or maintenance, the platform’s user-friendly features empower business users with real-time insights. This, in turn, can create further business growth opportunities by enabling financial teams to generate the analysis and insights the company needs for well-informed decision-making.
In conclusion, organizations need to embrace innovative technologies that simplify and streamline financial planning and analysis tasks. With the pandemic's continuous impact, the adoption of tech-equipped finance teams is more important than ever before. Solutions such as Mosaic’s platform can significantly reduce operational costs, minimize errors, and simplify workflows while ultimately enabling companies to make data-driven decisions with ease.
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