Mosaic: The Financial Tool Every Modern CFO Needs

by Ross Fubini and Mars Garza

XYZ is an early stage venture fund focused on enterprise and fintech companies. As such, we’ve developed some ~theorems~ on where we see these verticals going in the future. 

One of these is that the role of the CFO has become more expansive and more technical than it has ever been before. Financial data empowers businesses to go faster (our favorite phrase) and scale more quickly — it becomes part of the ground truth of the company, but it can only be as potent as it is readily and immediately available. CFOs and their teams need to be super-powered by tools that go beyond the typical reporting duty; these tools will provide real-time decision-making insights. In other words, applications that harmonize business unit economics at the speed at which the company is changing. 

I met Bijan as he was coming out of a leadership position at Palantir and joining Piazza as the CFO. He brought a deeply integrated business mindset to the role and quickly built systems that enabled the multi-faceted branches of the company to work together, including the CEO, Head of Sales, Head of Customer Success, and the engineering team. Joe and Brian were similarly building out financial systems at Everlaw and Axoni. 

The failures of previous FP&A software to keep up with a rapidly growing number of cloud-based tools became crystal clear to the team. Bij, Brian, and Joe all understood that finance cannot be siloed, and in fact, financial datasets must produce unified views to be shared across the executive level and the broader business. This is the fundamental insight that I believed in from day one — finance must be a multi-player mode. 

I was privileged enough to be the first call they made back in early 2019 and to connect them to early customers like TopFunnel. The team built a full UI with the necessary integrations, crafted expert financial insights by hand, and got their first paying customer and in the short time since, signed many more.

The team’s bias towards action frankly was breathtaking and has continued to be a core value at the company as they’ve iterated with customers and created a data organization layer that tracks financial health, enables cross-functional collaboration, and lets CFOs do their jobs and focus on the real stuff — the high value strategic work they were uniquely hired to do instead of data work that historically has consumed so much of their energy — in uncertain times.

We are proud to announce that after this journey, Mosaic has closed $18.5M in Series A funding to execute their vision to build the world’s first strategic finance platform. The round was led by General Catalyst, with additional participation from Felicis Ventures, Village Global, and of course, us. 

We were thrilled to partner with the team through the formation stage and are beyond excited to participate in this round. More importantly, the team here at XYZ looks forward to watching Mosaic transform the role of finance.