Manila, Philippines-based tech startup catering to the hospitality industry, Mosaic Solutions announced in February 2021 that it has raised an additional US$ 1M in a pre-Series A funding round. Gentree, a venture capital fund launched by a well-known Filipino family to back new digital economy startups in the Southeast Asian region, provided the fresh funds.
The startup will use the additional funds to fast-track its regional expansion across Southeast Asia.
It had declared a US$ 1.5M pre-Series A round in September 2020 from multiple investors including Investible, IdeaSpace, KMC Founders Fund, JC Capital and several high net-worth individuals, family offices and RCGI.
Mosaic Solutions was founded in 2016 and provides inventory management and profit optimization solutions for the F&B, retail and hospitality industries across the Philippines, Singapore, Vietnam, India, and UAE, focusing on the Philippines. It also provides dedicated outsourced solutions to hospitality clients and service providers in the US, Canada, UK, New Zealand and Australia. Its cloud-driven solutions including data analytics, inventory management, point of sale and purchasing work together flawlessly, along with complementary products, providing a fully integrated restaurant management solution.
Presently, Mosaic caters to over 100 customers, including multi-unit restaurant and bar groups, hotels and retailers including supermarkets and convenience stores, representing about 1,000 outlets. Its subscription-based platform helps companies digitize their day-to-day operations, improving their profit margin.
Brett Doyle, Founder & CEO of Mosaic said while the COVID-19 pandemic has helped digitally transform the Philippines and neighbouring ASEAN countries, many other steps are still to be taken for the hospitality industry to become wholly digitized and more efficient.
Mark Sng, Vice-President of investments and portfolio management at Gentree was quoted to have said, “Mosaic has remained resilient over the pandemic, a testament to the strong relationships they have developed with their customers”.
In 2020, Mosaic took on a few initiatives to support its local community and its community of hospitality partners. In April 2020, it introduced the #FeedManila initiative to help feed the malnourished population while also keeping local restaurant workers employed. Mosaic is paying restaurants to prepare healthy, inexpensive meals through donations, which are then collected and distributed via local charities and not-for-profit organizations. It has also launched Dine To Unite, a manual that provides a one-stop-shop for customers to discover which local restaurants are still running in town.
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