Eric Schmidt and Mastercard Back AI Platform Mona

Mona, a San Francisco-based AI platform, announced on September 28, 2026, that it has raised $3.5 million in an oversubscribed funding round. The company aims to expand its services providing small business owners across the United States with better access to capital and professional financial coaching. The investment round was led by Sandberg Bernthal Venture Partners and featured participation from Alumni Ventures, Wisdom Ventures, and angel investors, including former Google CEO Eric Schmidt. Additionally, the company is backed by the Mastercard Strive USA Innovation Fund.

Quick summary

• Mona secured $3.5 million in an oversubscribed funding round announced September 28, 2026.
• Investment led by Sandberg Bernthal Venture Partners, with participation from Eric Schmidt, Alumni Ventures, and Wisdom Ventures.
• The platform uses AI to help small businesses find capital opportunities and provides human financial coaching.
• Strategic backing provided by the Mastercard Strive USA Innovation Fund.
• Founded by Andrew Leon Hanna and Anny Dow, inspired by their families' immigrant business backgrounds.
• Early traction established in San Francisco, New York City, Jacksonville, Detroit, and Chicago.

What happened

The San Francisco-based startup Mona has raised $3.5 million to expand its operations and business reach. The funding round was led by Sandberg Bernthal Venture Partners and included contributions from Wisdom Ventures and Alumni Ventures. Among the angel investors participating in the round was Eric Schmidt, the former CEO of Google. The company also receives support from the Mastercard Strive USA Innovation Fund.

Mona's platform is designed to address a fragmented market where small business owners must navigate various lenders, grants, and government programs without the specialized financial teams available to larger corporations. Through its AI platform, entrepreneurs complete a single common application. The system then uses this data to identify relevant opportunities, streamline the application process, and provide tailored guidance.

According to the company, the platform has already supported thousands of small businesses and helped entrepreneurs secure millions in affordable capital. This early traction has been concentrated in five major U.S. cities: San Francisco, New York City, Jacksonville, Detroit, and Chicago. The startup was also recently included in Fast Company's World Changing Ideas List.

How we got here

Mona was founded by Andrew Leon Hanna and Anny Dow, who met at Stanford University. The mission of the company was inspired by the founders' own families, who were immigrant small business owners. This personal history drove the goal of providing support to entrepreneurs who often make high-stakes financial decisions with limited resources.

The company has established a partnership with Mastercard Strive USA, supported by the Mastercard Strive USA Innovation Fund. This collaboration allows Mona to work with small business support organizations to increase its reach. The goal of this partnership is to combine new technology with the trust of community organizations to improve the financial health of small businesses.

• Founding: Andrew Leon Hanna and Anny Dow start Mona based on immigrant family experiences.
• Development: Creation of an AI platform for capital access and financial coaching via a common application.
• Growth: Early traction in Chicago, Detroit, Jacksonville, New York City, and San Francisco.
• Recognition: Inclusion in Fast Company's World Changing Ideas List.
• Partnership: Collaboration with Mastercard Strive USA and the Mastercard Center for Inclusive Growth.
• Funding: September 28, 2026 — $3.5 million round led by Sandberg Bernthal Venture Partners with participation from Eric Schmidt and others.

Who are the involved parties

The funding round involved a mix of institutional and individual investors. Sandberg Bernthal Venture Partners led the round, with Gareth Schweitzer serving as a partner. Other institutional participants included Alumni Ventures and Wisdom Ventures. Eric Schmidt, the former CEO of Google, participated as part of the angel investor group.

The company is led by co-founders Andrew Leon Hanna and Anny Dow. On the strategic side, the Mastercard Center for Inclusive Growth is involved through the Mastercard Strive USA Innovation Fund. Jonathan Fantini-Porter, Senior Vice President of Americas at the Center, represents the organization's effort to ensure small businesses are supported during AI-driven industry disruptions.

What the parties say

Gareth Schweitzer of Sandberg Bernthal Venture Partners stated that while small businesses are the engine of the American economy, there is a huge market gap in available tools and guidance. He noted that Mona leverages AI to help these owners find capital, apply for financing, and access high-quality coaching.

Co-founder Andrew Leon Hanna said that small businesses create the majority of net new jobs and are the heartbeats of communities, yet they often lack support for high-stakes financial decisions. He stated the company is building toward a world where every entrepreneur has a trusted financial coach through the pairing of AI and human expertise.

Jonathan Fantini-Porter of the Mastercard Center for Inclusive Growth mentioned that AI presents an opportunity to ensure small businesses are not left behind. He stated that by combining technology with community organizations, Mona helps improve financial health by increasing cash flow and reducing volatility.

Explainer

An oversubscribed funding round occurs when the demand from investors to provide capital exceeds the amount the company originally sought to raise. This typically indicates high investor confidence in the company's potential. In this case, Mona's $3.5 million round was described as oversubscribed.

Angel investors are wealthy individuals who provide capital for a business start-up, usually in exchange for convertible debt or ownership equity. Unlike venture capital firms, which manage pooled money from others, angel investors typically use their own personal funds to support early-stage companies.

What comes next

Mona plans to use the $3.5 million in funding to expand its operations and increase its business reach across the United States. The company will continue its collaboration with small business support organizations through its partnership with Mastercard Strive USA.

The company intends to build upon its early success in San Francisco, New York City, Jacksonville, Detroit, and Chicago to reach more entrepreneurs. The focus remains on using AI and human coaching to help small business owners access affordable capital and maintain their business dreams.