Mozaic.io, a payments platform revolutionising the way creative professionals handle revenue and royalty splits, has secured a $20m Series A.
This significant financial boost comes courtesy of the Boston-based growth equity firm, Volition Capital. This investment marks a pivotal moment for Mozaic.io, following its rapid adoption as the only platform enabling automatic split payments for collaborators worldwide.
At the heart of Mozaic.io’s service is a unique offering for the creator economy, which is set to reach an estimated $480bn by 2027. The platform addresses a critical need in the sprawling creator economy, spanning music, podcasts, social content, video gaming, eCommerce, books, and more. Unlike traditional payment apps like PayPal and Venmo, Mozaic.io specifically caters to creative teams, allowing them to automatically divide income among collaborators in various currencies.
The distinguishing feature of Mozaic.io lies in its advanced API. This technology empowers users to effortlessly implement ownership splits and automated payments. It’s a stark contrast to the conventional method of manually calculating and disbursing payments. Additionally, Mozaic.io’s proprietary AI aids creators in discovering new collaboration opportunities, managing risks, and gaining financial insights.
Marcus Cobb, CEO of Mozaic.io, emphasized the importance of seamless compensation in the creator economy. “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,” he said. “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.”
The funding will be channelled towards new product development, including a self-serve feature. This innovation will allow creators to manage their collaborations and integrate with platforms like YouTube, Twitch, and Shopify. Mozaic.io also plans to expand its sales and product teams, intending to double its current headcount of 24 by the end of 2023.
Larry Cheng, Managing Partner at Volition Capital, also shared his views. “There’s been a significant secular shift in the content people consume, which has increasingly moved from traditional entertainment media to social-mobile,” he said. “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.”
Previously, Mozaic.io had raised a total of $27.1m, with contributions from Rise of the Rest, Maverick Nashville, and music industry executive Joe Galante.
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