The Series B funding will help Mosaic expand across Arizona and increase its headcount. Here are the top-line bullets you need to know.
Mosaic, a construction technology company, has raised $44M in a Series B. The round drew participation from Andreessen Horowitz, Starwood Capital Group, Innovation Endeavors, and Peak State Ventures.
How’s the company performing?
- Phoenix-based Mosaic brings its software and workforce together to serve as a tech-enabled general contractor. It supports residential real estate developers by managing construction infrastructure so that they can spend more of their time on sales and marketing, land acquisition, and architecture.
- The company, which has reportedly built 160 homes, currently has 195 homes under construction and plans to build more than 400 homes over the next 2 years.
- Its residential development project pipeline is worth over $500M.
- Mosaic currently has a team of 70 employees spread across its offices in Arizona.
Why does the market matter?
- The global construction software market is projected to grow at a CAGR of 8.8% and reach a value of $2.7B by 2027, according to Market Research Future Reports.
- Real estate developers are increasingly adopting technologies that help optimize project efficiency, quality, and cost, contributing to growth in this market.
- The Covid-19 pandemic has increased the need for construction tech that enables virtual site monitoring and other online services.