Mosaic Building Group, a construction technology startup based in Phoenix, has announced a $44 million Series B funding round. This round brings the company’s total funding to $68.75 to date.
The round was led by Peak State Ventures, Andreeson Horowitz, Starwood Capital, Founders Fund, Innovation Endeavors and Building Ventures, among others. Mosaic will use the capital to further develop its platform and expand its reach.
Mosaic was founded in 2017 by Salman Ahmad and Sep Kamvar. Ahmad grew up watching his father, who was a self-taught contractor and Kamvar has pioneered human/machine interaction. The two came together to pave a path for innovation and precision for the complex construction industry.
“We’ve spent significant effort rolling up our sleeves alongside our partners — homebuilders, developers, trades, and everyone in between — in order to create solutions that will truly move the needle,” said Ahmad. “The industry’s most precious resource is the trade workforce. Too often construction trades are on the receiving end of all the ‘messiness’ in construction. Our technology and data platforms allow us to build tools to help them be more successful. Integrating technology and operations provides us significant advantages: faster iteration and more efficient, tailored solutions. We’ve been humbled at the positive reception from our trade partners so far.”
Mosaic hopes to help companies manage construction projects more efficiently and help them scale much easier. But how? What do construction companies need in a tech platform?
If you’ve been in Arizona at all in the last year and a half, you’ll know that the housing market here is booming. For months, there haven’t been enough houses to go around and homebuilders are building in mass across the valley. Efficiency and organization is key, especially as supply shortages can extend project construction timelines.
Mosaic’s platform acts as a “tech-enabled general contractor” for residential development projects. The company compares its mission to what AWS datacenter infrastructure does for tech companies. Mosaic will manage construction infrastructure so real estate developers can focus on things like land acquisition, sales and marketing and architecture.
To do this, Mosaic creates a single, up-to-date and accurate source for a project’s master plan that can then be distributed across the workflow. It can also manage and control all the data flow from start to finish and provide data reports for any stage of construction.
“The industry’s most precious resource is the trade workforce. Too often construction trades are on the receiving end of all the ‘messiness’ in construction,” Ahmad said. “Our technology and data platforms allow us to build tools to help them be more successful. Integrating technology and operations provides us significant advantages: faster iteration and more efficient, tailored solutions. We’ve been humbled at the positive reception from our trade partners so far.”
The VCs are impressed with the company and are excited for Mosaic’s future.
“Mosaic has demonstrated their ability to deliver a powerful product, a dynamic technology platform, and desirable, quality homes,” said Jason Freedman, Venture Partner at Peak State Ventures. “With housing prices and availability crippling families, communities and cities, Mosaic is providing a tangible tool to streamline cumbersome, expensive processes, and make a better product: quality homes that people love.”