Mosaic Solutions, a Philippines-based tech startup that provides profit optimization solutions for the hospitality industry, announced that is has raised $350,000 of its targeted $1mm current round of funding.
Since launching in 2016, the company has raised $1.5MM from investors in the United States, New Zealand and throughout Southeast Asia. New funding, raised as part of this current round, comes from family offices and high net worth individuals based in the Philippines and Hong Kong.
“Mosaic is proud to base our headquarters in Manila for our Southeast Asian operations and call the Philippines home,” CEO, Brett Doyle tells us. He relocated to the Philippines to start Mosaic as he saw great opportunity in this hospitality sector, which averages 5 billion food and beverage transactions this year and is a big driver of overall consumer spending in the Philippines.
Mosaic is a leading provider of profit optimization solutions— data analytics, inventory management, point of sale and purchasing — primarily to the food and beverage sector within the Asian hospitality industry. This includes groups of restaurants and bars/clubs; hotels and casinos. “Our cloud-based solutions work together seamlessly, as well as with complementary products, enabling a fully integrated restaurant management solution,” says Doyle.
Currently, Mosaic services over 230 customers across the Philippines, Singapore, Vietnam, India and UAE, with a primary focus on the Philippines. Also, Mosaic provides specialized outsourced solutions to hospitality clients in the United States, Canada, United Kingdom, New Zealand and Australia.
“We hear the same complaints from restaurant owners and operators all the time, ‘my systems don’t communicate; I can’t get a view on how bad things are; I have no actionable data; I’m losing money and I don’t know why’. Whether they use all or parts of the Mosaic solution, our customers are solving these challenges using Mosaic’s products and we are helping their businesses thrive,” says Doyle.
Mosaic sells products using a Software as a Service (SaaS) model – per product per outlet per month. Given this, they have a highly recurring revenue model, which is appealing to investors. They have grown their customer base from six at the end of 2016 to 150 at the end of 2018 and to 230 as of the end of June 2019. Mosaic also tripled revenue from 2017 to 2018.
This investment round will fund further growth in the Philippines market and continued product enhancement, as well as help support businesses globally with their specialized outsourced services. The company expects to raise a Series A in mid-to-late 2020 to fund expansion across the region. Doyle tells us, “We are happy to know that Mosaic is creating jobs in the Philippines and helping to train our employees to work with businesses all over the world.”
About Mosaic Solutions
Mosaic Solutions is a leading provider of profit optimization solutions designed specifically for the hospitality industry. The suite of products includes data analytics, inventory management, point of sale and purchasing system. Mosaic Solutions is offered across Asia, and globally on an outsourced or reseller basis, and is headquartered in Manila, Philippines.