Mosaic Solutions raises US$1.5M to provide data analytics, inventory management solutions to SEA’s F&B industry
Mosaic Solutions, a provider of profit optimisation solutions for the F&B and hospitality industries in the Philippines, has raised US$1.5 million in pre-Series A preferred equity and convertible debt, led by Australian early-stage VC firm Investible.
Other investors are IdeaSpace (a non-profit which recently launched Opportunity Fund out of Manila), KMC Founders Fund, and JC Capital.
Several high net-worth individuals, family offices and strategic investors like RCGI, besides owners of multiple concepts in the Philippines (Barcino, Single Origin, Bluesmith, Meat Depot and Meatworld International) also joined the round.
With these funds, Mosaic will further enhance its software, which provides restaurants and off-premise food retailers a “comprehensive and immediate” view of their key cost and revenue drivers.
To date, Mosaic (one of the companies of e27’s Top100 competition in the Philippines) has raised over US$3 million from investors in the US, Australia, New Zealand, the Philippines, Malaysia and Singapore.
Launched in 2016, Mosaic is a SaaS startup providing solutions including data analytics, inventory management, point of sale and purchasing, which are offered primarily to the F&B sector across Southeast Asia.
Its clients include multi-unit restaurant and bar groups, cloud kitchens, commissaries, hotels and casinos, and now retailers, such as supermarkets and convenience stores.
“Our cloud-based solutions provide customers with the information they desperately need right now — real-time, holistic data analytics, reporting and business insights, seen at the outlet and brand level,” said CEO Brett Doyle.
“Mosaic is first and foremost a solution provider for restaurants, but we made a shift in focus early in the COVID pandemic to include off-premise food retailers, signing our first off-premise retailer in March. We saw an opportunity to help this underserved sector and diversify our customer portfolio by adding a lockdown-resistant, high growth sector,” Doyle added.
Currently, Mosaic services over 100 customers across the Philippines, Singapore, Vietnam, India and the UAE, with a primary focus on the Philippines.
The company claimed in a press note that it grew its customer base (measured as number of outlets) at an annual rate of 300 per cent from 2016 to 2019. Further, with its expansion into off-premise, Mosaic more than tripled its footprint during 1H 2020.
The startup sees a great opportunity in the F&B sector across Southeast Asia, with on-premise F&B spending projected to double to US$5 billion by 2022, and the total F&B market projected to grow to over US$125 billion by 2023.
Besides seeking further growth in the Philippines market, next steps for Mosaic will include regional expansion supported by a Series A capital raise presently planned for 2021.