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.