Mona, an AI platform helping small businesses access capital and financial coaching, has raised $3.5 million in an oversubscribed funding round.
The round was led by Sandberg Bernthal Venture Partners, with participation from Alumni Ventures, Wisdom Ventures, and angel investors including former Google CEO Eric Schmidt. Mona is also backed by the Mastercard Strive USA Innovation Fund.
The company plans to use the new funding to expand its AI platform and help more small businesses find and access suitable sources of capital.
Small business owners often have to navigate a fragmented financial ecosystem that includes banks, alternative lenders, government programs, grants and other funding sources. Many small businesses do not have the financial teams or advisors available to larger companies.
Mona aims to bring these resources together through a single AI-powered platform. Business owners complete a common application, which Mona uses to identify relevant funding opportunities, streamline applications and provide personalized financial guidance.
Mona combines AI technology with human coaching to provide ongoing support beyond a one-time search for funding.
Entrepreneurs can use the platform as new financial questions and funding opportunities arise. The platform also becomes more tailored to each business as it learns more about its operations and financial needs.
Mona says it has already supported thousands of small businesses and helped entrepreneurs secure millions of dollars in affordable capital.
“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,” said Gareth Schweitzer, Partner at Sandberg Bernthal Venture Partners. “Mona is closing that gap by leveraging AI to help small business owners find capital opportunities, apply for financing, and access high-quality coaching.”
The company has seen early traction in cities including Chicago, Detroit, Jacksonville, New York City and San Francisco.
“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,” said Jonathan Fantini-Porter, Senior Vice President of Americas at the Mastercard Center for Inclusive Growth.
“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.”
Mona was also recently named to Fast Company’s World Changing Ideas List, recognizing its work in helping small businesses access financial resources.
Mona is also working with Mastercard Strive USA, supported by the Mastercard Strive USA Innovation Fund.
Through the partnership, Mona will collaborate with small business support organizations to expand its reach and connect more entrepreneurs with capital and financial coaching.
Mona was founded by Andrew Leon Hanna and Anny Dow, who met at Stanford. Their families’ experiences as immigrant small business owners helped inspire the company’s mission to improve access to capital and financial support.
“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,” said Hanna. “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.”
With the latest $3.5 million funding, Mona plans to expand its platform and reach more small businesses across the U.S.
