Mozaic.io, a global payment platform for co-creators, announced that it has raised a $20 million Series A funding round from Boston-based growth equity firm, Volition Capital.
Mozaic, founded in 2015 by CEO Marcus Cobb and SVP of Growth Rachel Knepp, has secured over $27 million in funding thus far, with support from investors such as Rise of the Rest, Maverick Nashville, and music industry executive Joe Galante. The company’s mission is to create innovative tools addressing various facets of the music business, including credits management and ticketing.
According to Mozaic, although the payment app landscape is well-established with platforms like PayPal, CashApp, Venmo, Zelle, and others, there has been a notable absence of a solution for creative teams to seamlessly divide income among all contributors in their respective local currencies. Mozaic addresses this gap in the market by offering the sole global split payments API.
Initially concentrating on facilitating payouts for music distributors, artists, and collaborators, the company has now broadened its scope to cater to the entire peer-to-peer creator economy. Furthermore, Mozaic aims to extend its reach into the gig and freelance economy in the future.
“The Creator Economy is a global economy and for it to reach its full potential, compensation has to be as seamless and as natural as collaboration,” said CEO, Marcus Cobb. “There is massive demand for a solution that enables simple and transparent payments. We estimate 7 out of 10 collaborative payments are painfully delayed or distressed. So, you can imagine what might happen if that pain turns into joy at-scale. It’s a multi-billion-dollar opportunity.”
Thanks to the new funding round, Mozaic is set to channel its resources into fresh product development initiatives. This includes the introduction of a self-serve feature designed to empower creators in overseeing all aspects of their endeavors, allowing seamless integration with various platforms like YouTube, Twitch, Shopify, and others. The objective is to centralize payment transactions, collaborations, and sales data within a unified platform. Additionally, Mozaic has plans to augment its workforce, aiming to double its current headcount of 24 by the conclusion of 2023, thereby expanding both its sales and product teams.
“There’s been a significant secular shift in the content people consume, which has increasingly moved from traditional entertainment media to social-mobile,” said Larry Cheng, Volition Capital Managing Partner. “People creating and making money with podcasts, music, gaming, ecommerce and other projects often collaborate with globally distributed teams. Mozaic’s platform solves the biggest challenge creators face with shared revenue and is securely positioned as the go-to solution for automating multi-party payments. Mozaic’s dynamic and experienced leadership team coupled with a solid first-mover advantage make this an exciting partnership.”