Construction tech firm Mosaic raises $ 44 million Series B to fuel expansion
Mosaic, a construction technology platform, announced a $ 44 million Series B funding round from Peak State Ventures, Andreessen Horowitz, Founders Fund, Innovation Endeavors and Building Ventures, among others, bringing Mosaic’s total funding to date at $ 68.75 million.
Mosaic’s platform and team serve as a general technology contractor for production-scale residential development projects. Much like cloud hosting providers, Mosaic manages the construction infrastructure, allowing real estate developers to focus on the value-generating components of their core business, such as land acquisition, sales and marketing, and architecture.
âWe’ve put in a tremendous amount of effort to roll up our sleeves alongside our partners – home builders, developers, merchants and everyone else – to create solutions that will really make a difference,â said Salman Ahmad, Co-Founder and CEO of Mosaic. âThe industry’s most valuable resource is commercial labor. Our technology and data platforms allow us to create tools to help them be more successful. “
The new capital is fueling Mosaic’s expansion in Arizona from Flagstaff and Prescott to Phoenix and Tucson, where the company has just hired Rod Horn as a senior project manager. Horn joins Mosaic from Arizona-based residential construction-for-lease builder, Hancock Builders.
The company is looking to double its operating workforce by the end of 2022 and accelerate home construction as part of its pipeline of more than $ 500 million residential development projects. She is actively recruiting engineering, product, back office, construction and project management positions.
âWe believe they have the potential to have a transformational impact on residential development and the built environment,â said Jason Freedman, venture capital partner at Peak State Ventures. âMosaic has demonstrated its ability to provide a powerful product, a dynamic technology platform and desirable quality homes. With housing prices and availability crippling families, communities, and cities, Mosaic provides a tangible tool to streamline cumbersome and expensive processes and create a better product: quality homes people love.