Electric Raises $90M in Series D Funding

Electric Series D Executive Team
Electric Series D Executive Team

Electric, a NYC-based provider of IT technology for small and medium-sized businesses, raised $90M in Series D funding.

The round, which brought total amount raised to over $189M, was led by existing investor GGV Capital with participation from existing investors Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners and Slack.

The company intends to use the funds to invest in product development, customer service and culture. Electric plans to expand its partner and integration ecosystem and extend its IT management platform, providing more proactive tools for customers to manage employees, networks, devices and applications.

Led by CEO and founder Ryan Denehy Electric provides IT technology and real-time support for small and mid-sized businesses. With over 700 customers and more than 40,000 employee end-users, the company’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 700 customers and 40,000 end users, including Thrive Causemetics, Morning Brew, Pacific Catch and Social Fly.