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Total amount raised
$212M
Latest funding date
2022-03-29
Location
Electric has raised over $212 million across nine funding rounds, achieving a valuation of over $1 billion. The platform is revolutionizing IT support with its automated IT solution, offering features like IT troubleshooting, systems administration, and security management.
Keep reading to explore the intricacies of Electric's fundraising journey and the investors backing this innovative platform.
Electric has raised over $212 million across nine funding rounds, achieving a valuation of over $1 billion. The platform is revolutionizing IT support with its automated IT solution, offering features like IT troubleshooting, systems administration, and security management.
Keep reading to explore the intricacies of Electric's fundraising journey and the investors backing this innovative platform.
What Is Electric?
Electric, founded in 2016 in New York City, is revolutionizing IT support with its automated platform. The company was established by Ryan Denehy, who serves as the CEO.
Electric's platform offers a range of services, including IT troubleshooting, systems administration, security management, and on-site assistance. They also provide a feature called Turbine for automating employee onboarding and offboarding processes.
With a growing team, Electric aims to become the go-to IT solution for businesses across the country. For more information, visit their official website or their Wellfound profile.
How Much Funding Has Electric Raised?
- Seed Round
- Amount Raised: $2 million
- Date: November 2016
- Lead Investors: Bowery Capital
- Participants: Primary Venture Partners, Charge Ventures, Silicon Badia, Anchor Worldwide, Gunderson Dettmer
- Seed Round (Extension)
- Amount Raised: $1 million
- Date: September 2017
- Lead Investors: Undisclosed
- Participants: Bowery Capital, Charge Ventures, Primary Venture Partners, Silicon Badia, Supernode Ventures
- Series A Round
- Amount Raised: $9.25 million
- Date: March 2018
- Lead Investors: Bessemer Venture Partners
- Participants: Bowery Capital, Primary Venture Partners, Supernode Ventures
- Series B Round
- Amount Raised: $25 million
- Date: January 2019
- Lead Investors: GGV Capital
- Participants: Bessemer Venture Partners, Supernode Ventures
- Series B-1 Round
- Amount Raised: $21.5 million
- Date: May 2020
- Lead Investors: 01 Advisors
- Participants: Dolik Ventures, Slack Fund
- Series C Round
- Amount Raised: $40 million
- Date: February 2021
- Lead Investors: Greenspring Associates
- Participants: Bessemer Venture Partners, GGV Capital, 01 Advisors, Primary Venture Partners, Atreides Management, Vintage Investment Partners
- Series D Round
- Amount Raised: $90 million
- Date: October 2021
- Lead Investors: GGV Capital
- Participants: Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, Slack
- Series D-1 Round
- Amount Raised: $23.35 million
- Date: March 2022
- Lead Investors: Harmonic Growth Partners
- Participants: Bessemer Venture Partners, Greenspring Associates
Total Amount Raised: at least $212 million based on disclosed funding, achieving a current valuation of over $1 billion.
Key Investors
- GGV Capital
- Details: GGV Capital is a global venture capital firm that invests in technology companies. They led Electric's Series B and Series D rounds.
- Investment Focus Areas: SaaS, e-commerce, enterprise software.
- Notable Investments: Alibaba, Slack, Square.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading venture capital firm that led Electric's Series A round and has participated in every subsequent round through Series D-1.
- Investment Focus Areas: Cloud computing, cybersecurity, healthcare.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Greenspring Associates
- Details: Greenspring Associates is a global venture capital firm that led Electric's Series C round and participated in Series D and Series D-1.
- Investment Focus Areas: Venture capital, growth equity, fund-of-funds.
- Notable Investments: Various early and growth-stage technology companies.
- Harmonic Growth Partners
- Details: Harmonic Growth Partners is a growth equity firm that led Electric's most recent Series D-1 round in March 2022, bringing the company's valuation to over $1 billion.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Information not publicly available.
- Primary Venture Partners
- Details: Primary Venture Partners is a seed-stage venture capital firm based in New York City that has backed Electric since the initial seed round.
- Investment Focus Areas: SaaS, e-commerce, marketplaces.
- Notable Investments: Slice, Latch, Mirror.
- Bowery Capital
- Details: Bowery Capital is a venture capital firm focused on early-stage business software investments. They led Electric's initial seed round in November 2016.
- Investment Focus Areas: Business software, technology.
- Notable Investments: Bluecore, VNDLY, Fero Labs.
What's Next for Electric?
Electric stands at the cusp of a significant opportunity, aiming to revolutionize IT support for small and medium-sized businesses through its chat-driven platform integrated with Slack. With the IT support market valued at $180 billion, the potential for growth is immense. The company plans to automate repetitive tasks and eventually handle more complex issues, positioning itself as a leader in proactive IT solutions.
Future fundraising seems promising, given the successful Series A round and the company's ambitious growth plans. However, challenges such as scaling sustainably and maintaining high customer service standards remain. Competing with numerous independent IT consultancies will also test Electric's innovative edge.
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