- Electric – a fully integrated IT platform that makes access to support and insight into IT infrastructure effortless – announced it has raised $40 million in Series C funding. These are the details.
Electric – a fully integrated IT platform that makes access to support and insight into IT infrastructure effortless – announced it has raised $40 million in Series C funding. Including this round of funding, the company has raised $61.5 million over the past year. And the company has raised over $100 million since it was founded.
The Series C funding round was led by Greenspring Associates with participation from existing investors Bessemer Venture Partners, GGV Capital, 01 Advisors, Primary Venture Partners, and new investors such as Atreides Management and Vintage Investment Partners.
Electric had launched in 2016 with a goal to make IT simpler for small and medium-sized businesses. And Electric’s software enables an admin to manage devices, software subscriptions, permissions, etc.
Electric founder Ryan Denehy told TechCrunch that the majority of the IT work is “administration, distribution, and maintenance of the broad variety of software programs at any given company.” And Electric charges a flat price per seat every month. And Denehy said that the company had more than doubled its customer base over the last year. Now the company supports ab out 25,000 users across over 400 individual customer organizations. Now Electric is hitting $20 million in ARR.
“The name of the game is just simplicity, simplicity, simplicity,” said Denehy via TechCrunch. “Part of this is in response to the fact that people are realizing the permanence of hybrid work. During the pandemic, people stopped paying their landlords but they didn’t stop paying us. So in the summer, we started to focus on how we can create more offerings that we can get in the hands of more businesses and let them start their journey with us.”