mosaic 44m series state azevedotechcrunch
Mosaic Building Group, a Phoenix, Arizona-based construction tech startup, has raised $44 million in a Series B funding round led by Peak State Ventures.
New investors Starwood Capital, invisionAZ, Tekfen Ventures and Brightstone also put money in the round. They joined previous backers Andreessen Horowitz (a16z), Building Ventures, Innovation Endeavors, 8VC and Founders Fund, bringing Mosaic’s total funding to $68.75 million since its 2015 inception.
In a nutshell, Mosaic’s software and team serve as a tech-enabled general contractor for production-scale residential development projects. In other words, the company manages construction infrastructure in what it says is an effort to free up real estate developers to focus on things like land acquisition, sales and marketing and architecture. The end goal? To make residential construction more scalable.
Says Salman Ahmad, co-founder and CEO of Mosaic: “We’ve been trying to vertically integrate our construction operations with our technology stack…instead of us trying to take the approach of just building software that addresses a single point solution, we’re basically trying to do what AWS did for tech startups where home builders and residential developers are able to offload their construction operations to Mosaic and focus their time and energy on their business operations.”