Mosaic Solutions, a Philippines-based tech startup offering cloud-based management software for F&B and hospitality companies, announced today it has raised an additional US$1 million in a pre-Series A preferred equity offering.
The fresh funds were provided by Gentree, a VC fund launched by a prominent Filipino family to support new digital economy startups in the Southeast Asian region. Mosaic shared the fresh additional funds will go towards fuelling its regional expansion across Southeast Asia.
Mosaic had recently announced a US$1.5 million pre-Series A round in September 2020 from a slew of investors including Australian early-stage VC firm Investible, IdeaSpace (a non-profit which recently launched Opportunity Fund out of Manila), KMC Founders Fund, and JC Capital.
Launched in 2016, Mosaic provides “cloud-based profit optimisation” solutions for F&B, retail and hospitality industries across the Philippines, Singapore and Vietnam, with a primary focus on the Philippines. The firm noted its cloud-based product suite includes data analytics, inventory management, point of sale and purchasing.
Mosaic shared its clients include multi-unit restaurant and bar groups, hotels and retailers including supermarkets and convenience stores, and its subscription-based platform helps companies digitalise their daily operations, driving improvement in profit margin.
“While the global pandemic has been a catalyst for digital transformation in the Philippines and across ASEAN countries, there are still strides to be made for our industry to be truly digitized and more efficient,” commented Brett Doyle, Founder & CEO of Mosaic.
“Mosaic has remained resilient over the pandemic, a testament to the strong relationships they have developed with their customers,” says Mark Sng, Vice-President of investments and portfolio management at Gentree.
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.
Image Credit: Mosaic