Mosaic Building Group, a construction technology platform for the residential development industry, today announced a $44 million Series B funding round from Peak State Ventures, Andreessen Horowitz, Starwood Capital, Founders Fund, Innovation Endeavors, and Building Ventures, among others, bringing Mosaic’s total funding to date to $68.75 million.
Mosaic’s platform and team serve as a tech-enabled general contractor for production-scale residential development projects. Much like cloud hosting providers such as AWS manage datacenter infrastructure to allow tech companies to focus on their core business, Mosaic manages construction infrastructure, allowing real estate developers to focus on the value-driving components of their core business, such as land acquisition, sales and marketing, and architecture. Mosaic’s platform aims to empower its team of in-house construction professionals to tackle the disparate sources of data and workflows across every step of construction, to deliver best-in-class service to its customers and the best experience to its trade partners. Further efforts include digitizing key aspects of the construction process to provide greater visibility into the job site, enable more individuals to perform skilled tasks, and serve as a platform for new construction methodologies.
“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 Salman Ahmad, co-founder and CEO of Mosaic. “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.”
“We believe they have the potential to have a transformational impact on residential development and the built environment,” said Jason Freedman, Venture Partner at Peak State Ventures. “Mosaic has demonstrated their ability to deliver a powerful product, a dynamic technology platform, and desirable, quality homes. 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.”
“Mosaic’s technology and team are the driving force behind the current evolution of the residential construction industry,” said Jack Selby, Managing Director at Thiel Capital and Chairman of invisionAZ, a recently raised Arizona-based venture capital fund that is the largest of its kind in the history of the state. “They have an impressive pipeline of projects and an aggressive, yet highly strategic expansion plan across the southwest and beyond. They are exactly the type of company we created the Invision AZ Fund to invest in. Their humble, “learn first” approach is a major reason for their success, and we look forward to continuing to watch them create innovations and efficiencies for homebuilders and residential developers in Arizona and nationwide.”
The new capital fuels Mosaic’s expansion from Flagstaff and Prescott into Phoenix and Tucson, where the company has just hired Rod Horn as Senior Project Manager. Horn joins Mosaic from Arizona-based build-to-rent residential builder Hancock Builders. He previously worked for homebuilding giant Shea Homes as a production manager responsible for the construction of more than 2,000 homes in Arizona during his tenure.
The company is looking to double its operations headcount by the end of 2022 to help accelerate the deployment of Mosaic’s business at scale, and to expedite the construction of homes within its more than $500 million residential development project pipeline. They are actively recruiting engineering, product, back office, construction, and project management roles.
Mosaic’s leadership team combines construction, technology, real estate development, academic, and business expertise. Members hail from Google, Microsoft, MIT, Harvard, Stanford, Pulte, Taylor Morrison, Toll Brothers, and Meritage.
“Mosaic’s mission has always been to create places that people love and make them widely available,” continued Ahmad. “Our belief is that by integrating software and construction operations, we can create a platform that allows all real estate developers and construction trades to have easy access to best practices in the construction industry, thereby unlocking tremendous creative flexibility. And the result is a win for everyone: more quality homes and neighborhoods where people love to live.”
Mosaic is a construction technology company building software to make residential construction more scalable. The company operates as a digital general contractor to provide construction and related services to homebuilders and residential developers, allowing them to offload their construction processes and related needs to Mosaic’s integrated platform and team. Mosaic’s platform standardizes the construction process, and not the homes, allowing them to deliver places people love and create better communities.