Electric Raises $40M in Series C Funding


Electric, a NYC-based provider of IT technology and real-time support for small and medium-sized businesses, raised $40m in Series C funding.

The round, which brought the total amount raised to over $100m, was led by Greenspring Associates with participation from existing investors including Bessemer Venture Partners, GGV Capital, 01 Advisors and Primary Venture Partners and new investors Atreides Management and Vintage Investment Partners.

The company intends to use the funds to continue to invest in:

  • research and development,
  • people, beginning with an expansion of its diversity programs and continued philanthropic efforts,
  • sales and marketing.

Led by CEO and founder Ryan Denehy, Electric is powered by technology and a team of 100+ 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.

Electric’s IT platform includes: real-time support powered by 100+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding and off-boarding, procurement & provisioning, and data monitoring & insights.

Electric currently supports over 400 customers and their 20,000 employees, including Boxed, Resy, Vevo and Lola.