Mosaic Building Group, a Phoenix-based proptech startup, raised US$14.25 million in a Series A funding round led by Andreessen Horowitz, also known as a16z. The Series A round brings total funding for the tech-focused construction startup to US$24.75 million. The financing included participation from backers, including Peter Thiel’s Founders Fund, Joshua Kushner’s Thrive Capital, Eric Schmidt’s Innovation Endeavors, Greylock Partners and Slow Ventures. A number of angels also put money in the deal, including Opendoor CEO Eric Wu and Michael Milstein of Milstein Properties and Emigrant Bank.
In connection with the funding, Mosaic also forged a US$100 million partnership with Arizona homebuilder Mandalay Homes. Under the partnership, Mosaic and Mandalay have committed to building at least 400 homes over the next 24 months in the Prescott and Flagstaff areas of Arizona.
Latham & Watkins LLP represented Mosaic Building Group in the financing and partnership with Mandalay Homes with a corporate team led by Bay Area partner Benjamin Potter, with associates Nima Movahedi, Vishal Ganesan, and Shannon Cheng.