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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

  • Markets
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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Mosaic Building Group raises USD 44 million to improve Proptech business

Mosaic is a tech-savvy general contractor for production-scale residential projects

Sakshi K S by Sakshi K S
November 2, 2021
in Funds, Real Estate, Startups, Technology, The Global Economics
Reading Time: 2 mins read
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Mosaic Building Group raises USD 44 million to improve Proptech business

Mosaic Building Group raises USD 44 million to improve Proptech business

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A Phoenix-based construction tech start-up, Mosaic Building Group, recently raised USD 44 million in a Series B financing round initiated by Peak State Ventures.

Mosaic Building Group raises funds

Novel investors invisionAZ, Brightstone, Starwood Capital, and Tekfen Ventures also invested in the Series B funding round. They united with initial investors like Building Ventures, Andreessen Horowitz (a16z), 8VC, Innovation Endeavors, and Founders Fund. Thus, the total funds in the Series B round accumulated to a whopping USD 68.75 million since the start-up’s conception in 2015.

Mosaic’s technology and in-house team deliver to consumers as a tech-savvy general contractor for production-scale residential projects. The firm manages construction infrastructure in an exertion to make life easy for real estate developers to focus on sales, land acquisitions, marketing, and architecture. Through their technology, Mosaic enables scalable residential construction.

The start-up stated that it was capable to perform this kind of endeavour owing to its technology, which automates the construction brainstorming process. Its software is fabricated to limit construction times, reduce material waste, eliminate costs, and enhance construction quality for builders. At its centre, Mosaic’s technology digitizes construction blueprints and pinpoints the best way for homes to be constructed onsite by utilizing the same workers, procedures, and materials as traditional builders do.

Several Proptech firms utilize software to enable the efficient construction of homes. However, Mosaic has indulged in a special strategy of collaborating with Mandalay Homes in a move that facilitated an instantaneous pipeline to allow its technology to build new-fangled homes, according to CEO and co-founder Salman Ahmad.

To date, the firm has accomplished constructing 160 homes and encompasses 195 homes that are still under construction. The firm is estimating that it will build 400 more homes over the next couple of years.

Mosaic is seeking to enhance its present inhouse capacity of 70 employees by the dusk of 2022. Along with the doubling of employee capacity, the firm is seeking to speed up the construction of homes within its over USD 500 million residential development project channel.

The firm is explicitly recruiting engineering, back office, project management, and construction management employees. It is also seeking to extend its presence outside its home state of Arizona by the dusk of 2022.

Via: Short URL
Tags: ArizonaMosaic Building GroupProptech businesstech-savvy startup
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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