Mozaic Secures $20 Million in Series A Funding to Revolutionize Collaborative Payments for Creators
Mozaic, formerly known as Jammber, has emerged as a solution to this challenge
Mozaic, In the dynamic world of content creation, collaboration is key, but managing payments among collaborators can be a daunting task. Mozaic, formerly known as Jammber, has emerged as a solution to this challenge, raising an impressive $20 million in a Series A funding round led by Volition Capital. The total funding for Mozaic now stands at over $27 million, with support from notable investors like Rise of the Rest, Maverick Nashville, and industry veteran Joe Galante.
Founded in 2015 by CEO Marcus Cobb and SVP of Growth Rachel Knepp, Mozaic initially focused on B2B solutions for various aspects of the music business, including credits management and ticketing. However, the company pivoted in 2020 amid the pandemic, leveraging its expertise in music project management to create a collaborative payments product.
To validate the market fit, Cobb shared that they quickly put together a sales deck and cold-called 200 music distributors. The overwhelming response, with 60 Letter of Intents received within 30 days, affirmed the pivot’s success. Mozaic committed to this new direction, and its early beta went live in January 2022.
Mozaic’s core offering is its API, seamlessly integrating with platforms such as Spotify, YouTube, and Twitch. Notably, Jason Hadshian’s Made By Us Music and Creative Space & Events, known for collaborations with artists like 50 Cent and Rihanna, use Mozaic’s solution to automate client payments.
How does Mozaic address the payment-splitting challenge? Cobb explained that many times, only the creator gets paid immediately, and the responsibility to distribute payments among collaborators falls on them. Mozaic streamlines this process with JSON-based smart contracts, automating payments to different collaborators based on project-specific rules.
Mozaic charges a fee of 1.99% plus $1 per transaction (capped at $25) for its services. This fee seems reasonable considering the value Mozaic brings in simplifying and automating the payment distribution process.
While traditional record labels and distributors have their systems in place, Mozaic aims to provide a more efficient and transparent solution. Collaborators often face manual reporting and tedious follow-ups in existing systems, making Mozaic an attractive alternative.
Looking ahead, Mozaic plans to expand its reach beyond the music industry. The company is set to launch a Chrome extension and a mobile app in an invite-only mode in January, with a broader release planned for Q1 2024. This extension aims to make payment splitting even more accessible, allowing users to add splits seamlessly on platforms like YouTube, Etsy, Spotify, and GitHub.
Mozaic’s cross-border competence sets it apart, positioning the company as a compelling choice for creators beyond the music industry, including YouTubers, Twitch streamers, and newsletter writers. The company is also developing a website tailored for businesses, offering enhanced reporting capabilities for revenue and affiliate sales split among collaborators.
In light of its recent funding, Mozaic remains cashflow positive and is committed to maintaining close proximity to profitability, even as it expands its team. Larry Cheng, co-founder and managing partner at Volition Capital, expressed confidence in Mozaic’s potential, especially as alternative creative verticals like YouTube Gaming continue to gain traction.
Mozaic’s innovative approach to collaborative payments addresses a significant pain point for creators, and with its strategic roadmap, the company is poised for continued success in the evolving landscape of content creation and collaboration.
