Mona, an AI platform that helps small businesses in the US find capital and financial coaching, has closed an oversubscribed $3.5m funding round to grow its offering.
Sandberg Bernthal Venture Partners led the investment. Alumni Ventures, Wisdom Ventures and a group of angel investors also took part, with former Google CEO Eric Schmidt among the angels. The company already has backing from the Mastercard Strive USA Innovation Fund.
The business is tackling a scattered funding landscape. Small business owners have to deal with lenders, government schemes, grants and other sources of capital on their own, and they usually lack the in-house finance staff or advisers that bigger firms rely on. Mona brings these options together on one AI platform. Entrepreneurs fill in a single shared application. Mona then uses it to identify suitable opportunities, simplify the application process and give personalised advice.
Mona combines its AI technology with support from human coaches, so it helps owners on an ongoing basis rather than running a single search for funding. Business owners can come back to the platform as new questions or opportunities come up, and the system gets better as it builds up knowledge of each business. The company says it has already worked with thousands of small businesses and helped them obtain millions in affordable capital. It has gained early momentum in Chicago, Detroit, Jacksonville, New York City and San Francisco.
Sandberg Bernthal Venture Partners partner Gareth Schweitzer said, “Small businesses are the engine of the American economy, but there’s a huge market gap in the tools, guidance, and resources available to them.
“Mona is closing that gap by leveraging AI to help small business owners find capital opportunities, apply for financing, and access high-quality coaching.”
Mona co-founder Andrew Leon Hanna said, “Small businesses create the majority of net new jobs and are the heartbeats of our communities. Yet they are expected to make high-stakes financial decisions with limited support. By pairing AI with human expertise, we’re building toward a world where every entrepreneur can have a trusted financial coach in their corner to help them grow.”
Mastercard Center for Inclusive Growth senior vice president of Americas Jonathan Fantini-Porter said, “As AI continues to disrupt industries, there is a huge opportunity to make sure small businesses are not left behind and receive the support they need to grow.
“By combining new technology with the reach and trust of community organizations, Mona is helping improve small business financial health by increasing their cash flow, reducing financial volatility, and expanding access to affordable capital so small business owners can focus on keeping their small business dreams going
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