Electric, the industry leader in providing world-class IT technology and real-time support for small and medium-sized businesses, announced it has raised $40 million in Series C funding. Greenspring Associates is leading the round, with participation from Electric’s existing investors including Bessemer Venture Partners, GGV Capital, 01 Advisors and Primary Venture Partners and new investors Atreides Management and Vintage Investment Partners, bringing the total amount raised to over $100 million.
The new capital will further Electric’s mission to deliver enterprise-grade IT support for small and medium-sized businesses and a best-in-class customer experience. With continued investments in research and development, this will deepen Electric’s commitment to providing lightning fast support. In addition, Electric is prioritizing investments in its people, beginning with an expansion of its diversity programs and continued philanthropic efforts. The round will also be used by sales and marketing to accelerate growth as the top managed service provider (MSP) in the country.
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“We couldn’t be more excited to start the next phase of growth backed by Greenspring Associates, an ideal partner who wholeheartedly believes in our vision,” said CEO and founder Ryan Denehy. “As eager as I am to continue product development and the expansion of our vertical expertise, I’m just as committed to investing in the Electric team and our efforts to do good.”
Electric is powered by a first-of-a-kind technology and a team of 100+ world-class IT support technicians, which standardizes security, compliance and business processes across networks, devices, apps, and onboarding and offboarding–of critical importance as many businesses continue to work remotely. Forrester’s recent Total Economic Impact report demonstrates that Electric delivers 105% return on investment (ROI) with a six-month payback for its clients. Electric currently supports over 400 customers and their 20,000 employees, including Boxed, Resy, Vevo and Lola.
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“The abrupt shift to remote work forced companies of all sizes and stages to take a hard look at their core pillars like IT,” said Hunter Somerville, general partner at Greenspring Associates. “In order to maintain productivity, security and business continuity outside the physical office, a solution like Electric’s is a game-changer. We’re thrilled to put our support behind the team and its technology during a time when it’s most needed.”
Since its inception in 2016, Electric has experienced significant growth in revenue and their customer base. From 2018 to 2020, annual recurring revenue grew by 525% and in 2020 alone, revenue and headcount nearly doubled. The company has also made significant investments in its own offerings, most recently through the acquisition of Sinu, one of New York’s top MSPs, strategically expanding its services and market presence on its path towards becoming the top IT technology and support provider in the country.
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