Philippines-based Profit optimization solutions provider for the F&B and hospitality industries, Mosaic Solutions has raised US$1.5 million in pre-Series A with preferred equity and convertible debt clause. The round was led by the Australian early-stage venture capital firm Investible.
Other participating investors include IdeaSpace, KMC Founders Fund, and JC Capital.
A few wealthy individuals, family offices and strategic investors like RCGI, besides owners of multiple concepts in the Philippines also joined the round.
Mosaic plans to use the fresh funds to further enhance its software, which provides restaurants and off-premise food retailers a “comprehensive and immediate” view of their key cost and revenue drivers.
Founded 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.
“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.