Mosaic raises $18.5M Series A from GC to rebuild the CFO software stack – TechCrunch

CFOs are the alleged omniscient owners of a company. While the CEO sets the strategy, the message, and builds the culture, the CFO needs to know everything that is going on in an organization. Where is the revenue coming from, and when will it come? How much will the new headcount cost, and when will those expenses have to be paid? How can cash flow be managed, and which loan products can help overcome any dissatisfaction?

As companies have migrated to the cloud, it has become harder to answer these questions as other departments have begun avoiding the ERP as a central system record. Worse still, CFOs are expected to be more strategic about finances than before, but may struggle to meet key forecasts and projections given the lack of availability of critical data. The CMO has gained a new software stack to run marketing over the past decade, so why not the CFO?

For three Palantir alums, expect CFOs to launch their new startups Mosaic. Mosaic is a “strategic finance platform” designed to ingest data from all types of enterprise IT systems – ERP, HRIS, CRM, etc. – and then be able to provide strategic planning tools to CFOs and their teams Should be To predict and forecast with better accuracy and with speed.

The company was founded in April 2019 by Bijan Mollemi, Brian Campbell and Joe Garfalo, who worked together in Palantir in the company’s finance team for over 15 years. While living there, he saw the company grow from a small organization with more than a hundred people, to an organization with thousands of employees, at most One hundred subscribers, as we saw last year with Palantir’s IPO, And revenue coming from more than a dozen countries.

The founders of Mosaic are Bijan Mollemi, Brian Campbell and Joseph Garafalo. Photos via mosaic.

Strategically handling finance was critical to Palantir’s success, but existing equipment in its stack could not meet the company’s needs. Therefore Palantir began its construction. We were “not only cranking in Excel, which is actually the default tool in the toolkit for CFOs, but was actually building a technical team that was writing code,” [and] The building equipment truly provides speed, reach, trust and visibility in the organization, ”described Molmi, who is the CEO of Mosaic.

Most organizations cannot relinquish their technical talent to the CFO office, and so the three co-founders left Palantir as heads of finance for other pastures – Moelmi to EdTech Startup Piazza, Campbell to Litigation Management Startup Everlaw and Garafalo The blockchain startup Exoni – they continued to focus on how finance could be improved. They came together to do the same for all companies, which they saw in Palantir: Building a Great Software Foundation for the CFO’s office. “Perhaps the biggest advancement of the CFO’s office in the last 10 years has been moving from desktop-based Excel to cloud-based Google Sheets,” Molemi said.

So what is Mosaic trying to rebuild the CFO software stack? It seeks to build a platform that is a gateway to discuss finance in a more collaborative fashion to connect the entire company. So while Mosaic focuses on reporting and planning, the highlights of the Office of Finance, it wants to open those dashboards and forecasts to the company wider, to give more people insight into what’s going on and Also give feedback to CFO.

Screenshot of mosaic planning work. Photo via mosaic.

There are a handful of publicly traded companies such as Anaplan which have entered the space over the past decade. Moallemi says incumbents have some major challenges that Mosaic hopes to overcome. The first is onboarding, which can take months for some of these companies as consultants integrate software into the company’s workflow. The second is that these devices often require dedicated, full-time employees to operate. The third is that these devices are not originally visible to anyone outside the CFO office. Mosaic wants to be ready to integrate immediately, is widely distributed within orgs, and requires minimal maintenance to be useful.

“Everyone wants to be strategic, but it’s so hard to do because 80% of your time is pulling data from these disparate systems, cleaning it up, mapping it, updating your Excel files, and Maybe 20% [your time] Really taking a step back and understanding what the data is telling you.

Perhaps this is why these target customers are Series B and C-funded companies, who no doubt believe that the majority of their data is already located in easily accessible databases. The company started with smaller companies and Moalmi said “We have been slowly moving our way over the last 12 months or working with larger, more complex customers.” The company has grown to 30 employees and received revenue in seven figures (without sales according to Moallemi), although the startup did not want to be more specific.

With growth and enthusiasm, the company is attracting investors’ attention. Today, the company announced that it raised $ 18.5 million in Series A financing led by General Catalyst’s Trevor Olsig, which has led other venture SaaS deals at startups such as FiveTrain, Kantful and Loom. That round closed at the end of last year.

Mosaic previously made a $ 2.5 million seed investment in mid-2019 under the leadership of Ros Fubini of XYZ Ventures, formerly an investor in Village Global. Fubini said by email that he was intrigued by the company because the founder had a “shared pain” in Palantir about the state of the software for the CFO, and that “they all have the tools to do their job with this deep Disappointment was experienced. “

Other investors in Series A included Felicitas Ventures, Plus XYZ and Village Global.

Along with the financing, the company also announced the creation of an advisory board consisting of current or former CFOs of nine technology companies including Pallantir, Dropbox and Shopify.

Many functions of the business have undergone a complete transformation in the software. Now, Mosaic hopes, it’s CFO time.