Mosaic Ventures amasses $150 mln for sophomore fund

Mosaic Ventures has raised $150 million for its second fund. The London-based early-stage venture firm is focused on Series A investments.


LONDON: 0900, Monday 8th October 2018

Launched in 2014, Mosaic Ventures today announced that it has closed a second fund of $150m, to continue its focus on Series A.

Global ambition for Europe’s best founders
Mosaic is a ‘Silicon Valley-style’ venture capital firm that invests in early-stage technology startups. The firm embraces Series A risk: backing founders whose dreams have a genuine shot to become global category leaders.

In the four years since launching, Mosaic has invested thematically in over 20 startups, in sectors at the frontier of innovation including blockchain & crypto, machine intelligence learning, mobility & location services and next generation, consumerised fintech (unbundling banks).

The portfolio: backing the boldest entrepreneurs
Mosaic has backed transformative companies such as Blockchain, the world’s leading cryptocurrency wallet provider. Founded by Peter Smith, Nicolas Cary and Ben Reeves in 2011, Blockchain was one of the first movers in the crypto-wallet industry, and now provides over 27m digital currency wallets in 140 countries.

Mosaic also invested in artificial intelligence-powered dashcam innovator Nexar. The company’s unique dash-cam instantly detects dangers on the road and provides life-saving warnings. Eran Shir and Bruno Fernandez Ruiz founded the company in 2015, and are on a mission to rid the world of car crashes, that kill xM people each year and shatter millions of other lives.

Habito, the online mortgage broker is attacking the £1.3T UK mortgage market. Founded in 2015 by Daniel Hegarty, the company helps homeowners find the best mortgage possible, saving them time and money.

Mosaic’s maiden fund also includes Convoy, the marketplace that connects freight shippers to truck drivers directly. Dan Lewis and Grant Goodale founded the company in 2015 to solve the huge inefficiencies endemic in the haulage industry: over 40% of trucks on the road are empty, and pricing opaque. Convoy’s mission is to make trucking (at $2T, a massive market — 2.5% of everything/global GDP) a zero-waste industry.

Other exciting, emerging portfolio companies include the company builder Entrepreneur First, identity verification provider Veriff, and open source bitcoin infrastructure platform Blockstream.

Silicon Valley experience, European opportunity
Mosaic Ventures’ founding partners, Simon Levene and Toby Coppel, each spent over a decade working in the US, Silicon Valley experience that makes them a genuine standout in the European venture community.

Simon Levene has spent over 20 years in tech on both sides of the Atlantic, in operations and VC. His most notable investments include early bets on Etsy (Nasdaq IPO; now worth >$5B) and Squarespace (privately held; 2017 secondary at >$1B), now worth $5B and overseveral billion respectively. Simon began his career on the west coast, co-founding the international activities of @Home Network (later [email protected]), that in his tenure grew from a powerpoint to 600 employees and $70 million in revenue. From 2002, Simon worked four years as VP Corp Dev for Yahoo!, before starting in venture in 2006 as a partner in Accel’s London office. Other notable investments include MyHeritage, ResearchGate, Fotolia, and Seeking Alpha.

Toby Coppel has a strong investing and operating track record. He spent over a decade in Silicon Valley tech, notably as Chief Strategy Officer of Yahoo!, during the period when Yahoo! grew rapidly from $700 million to $7 billion in revenues. In that period, he led $5 billion of investments for the company including $1 billion into Alibaba, generating over $80 billion of value, and later as an angel (and with Virgin?) made early bets on Criteo (>$1 billion), Pinterest (>$10 billion) and Transferwise (>$1 billion).

The investment team has grown substantially in four years. The firm recently added Bart Dessaint, an entrepreneur and former member of the a16z team; Jacob Goodwin, a data scientist and machine learning specialist; and Juliet Bailin, formerly of Insight venture Partners in New York; and Jacob Goodwin, a data scientist and machine learning specialist. Chief Operating Officer Michael Odai has been an integral member of the team since the founding of Mosaic.

Commenting on the closing of Mosaic Ventures second fund, and the fund’s strategy of investing in risk-takers, Partner and Co-founder Simon Levene says, “We are very proud of what we have achieved during our first four years, and we look forward to continuing our strategy of investing at an early stage in Europe’s most ambitious entrepreneurs. Our current portfolio demonstrates that the strategy is working. Since launch we have invested in over 20 fast-growing startups — we could not be more delighted with the group of , all of which are led by ambitious and intelligent founders that we have backed.

We will continue investing with this thesis with our second fund – seeking out the outliers and renegades, entrepreneurs who dream big, and want to change the world.”
Commenting on the continuing growth of the European technology industry, Toby Coppel, partner and co-founder comments, “There is no better place in the world to invest in startups than Europe. The continent is more than the sum of its parts: the tech ecosystem is going from-strength-to strength in London, Berlin, Paris, Stockholm, Helsinki and Tel Aviv, each of which are producing global leading tech companies, from Spotify to Adyen to TransferWise.

As we begin investing our second fund, we are buoyed by the evolution of the European technology industry. More of our European friends from Silicon Valley are returning home to put down roots, and bringing decades of experience with them. We look forward to watching the technology industry continue to evolve”

Dan Hegarty, CEO of Habito comments,
“When deciding which investor we wanted to invest in our company, we were very clear: we wanted to work with investors that shared our belief that entrepreneurship is a journey for the brave, and would support us as we attempted to reshape a stubborn, old industry. We’re very pleased that Mosaic invested, as we’ve got a great, experienced team in our corner”

Matt Clifford, CEO of Entrepreneur First comments,
“The Mosaic team have a great ability to take companies to the next level by building meaningful connections. We are delighted that Toby and Simon introduced us to Linkedin Founder Reid Hoffman, as Reid and his firm Greylock ended up co-leading our latest round of funding, alongside Mosaic Ventures. We look forward to continuing to work with the Mosaic team”

About Mosaic Ventures
Mosaic Ventures is a Silicon Valley-style venture capital firm based in London, focused on investing in the most ambitious European technology companies at Series A.

Founded in 2014 by experienced investors, Mosaic Ventures’ first fund was $150 million, invested in founding teams that are fundamentally reshaping big markets. The partners of the firm have over 25 years of experience investing on both sides of the Atlantic. In that time, they have invested across 10 countries in over 70 companies that together have created over $400 billion of value, and bring extensive operating experience at leading West Coast startups. The current portfolio includes Blockchain, Convoy, Entrepreneur First, Habito and Nexar. Prior to founding Mosaic Ventures, the partners invested in companies including Alibaba, Criteo, Etsy, Squarespace and Transferwise.

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