Manila-based tech pioneer Mosaic Solutions has today announced it has closed a US $5 million Series A funding round. This latest investment is set to help the company power major expansion across Southeast Asia and, most notably, the Philippines. Funding was received through lead investor Kickstart Ventures, via its ACTIVE Fund, alongside the Gentree Fund, which built on its initial investment of US$1 million in pre-Series A funding in 2021. Additional investment came from Investible and other institutional investors. Mosaic Solutions is a cloud-based platform which drives profit optimisation with an all-in-one restaurant management system focused on analytics, point of sale, purchasing and inventory management, developed for restaurant groups, cloud kitchens, hotels, and retailers.
This latest funding will enable Mosaic to continue to develop and refine the platform it currently provides to existing clients and will help further expand its user base across the Philippines. Mosaic aims to become a central figure in facilitating long-term digital transformation for the food and beverage industry across the country.
The Philippine food service sector generated revenue of USD 15 billion in 2019. Though the market decreased during the pandemic, it is expected to grow at 8% per year in the next 5 years. F&B businesses have embraced new technology to drive omnichannel revenue optimisation and margin improvements, while analytics and data-driven solutions have been used to understand consumer behaviour and improve efficiency, particular among food delivery and cloud kitchens.
Additionally, the online food delivery market has also seen consistent growth in recent years, tripling in size since 2018, with growth of 13.4% in 2021 alone. While the Philippines’ Movement Control Orders were enacted, food deliveries saw an increase of 61%.
Commenting on this latest funding announcement, Brett Doyle, CEO and Founder of Mosaic, said: “We are excited to receive this funding as it allows us to continue our product innovation and support the digital transformation of the F&B industry. We will continue to enhance the platform for our current customers in the Philippines and drive expansion in SE Asia. As we come out of the pandemic, it is crucial to help this industry maximise efficiency and reduce costs to help business recover and thrive.”
Commenting on the announcement, Minette Navarrete, President of Kickstart Ventures, said: As the pandemic has clearly demonstrated, digital solutions are no longer ‘nice-to-haves’ but essential to the survival of companies and SMEs. Our investment out of the ACTIVE Fund is a commitment to the future of transactions, one where we see Mosaic Solutions taking the lead in Restaurant OS systems in the Philippines, with the potential to expand to other markets in Southeast Asia. Mosaic’s superior product has won over some of the country’s leading restaurant groups through the robustness of their product as a key differentiator in the market. We look forward to adding value to Mosaic’s growth not only through our initial investment, but also through powerful channel partners within Ayala Corporation and its subsidiaries.
Speaking about the renewed investment, Mark Sng, VP Investments of Gentree Fund, said: “Gentree is pleased to support Mosaic on this next step in their journey. We are excited by the vibrancy the end of the pandemic measures has brought to the F&B sector. Mosaic continues to contribute to the digitalization of this sector and has benefited from strong merchant interest in their products. We look forward to an expanded range of offerings catered towards solving the needs of Filipino F&B merchants.”
