Electric has successfully raised $51.8 million over five funding rounds, achieving a valuation of over $1 billion. The platform is revolutionizing IT support with the world’s first automated IT platform, 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 team of 51-200 employees, 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
- Motivation Behind the Round: To support Electric's vision of transforming the IT support industry by providing automated, intelligent IT support services.
- Series A Round
- Amount Raised: $9.25 million
- Date: March 2018
- Lead Investors: Bessemer Venture Partners
- Motivation Behind the Round: To grow the business by at least four-fold in terms of recurring revenue and customers, and to scale operations sustainably.
Electric has raised a total of $11.25 million in 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 have a strong presence in both the U.S. and China.
- 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 invests in early to growth-stage companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Cloud computing, cybersecurity, healthcare.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Bowery Capital
- Details: Bowery Capital is a venture capital firm focused on early-stage business software investments. They aim to support companies through their initial growth phases.
- Investment Focus Areas: Business software, technology.
- Notable Investments: Bluecore, VNDLY, Fero Labs.
- Primary Venture Partners
- Details: Primary Venture Partners is a seed-stage venture capital firm based in New York City. They focus on building companies from the ground up.
- Investment Focus Areas: SaaS, e-commerce, marketplaces.
- Notable Investments: Slice, Latch, Mirror.
- Charge Ventures
- Details: Charge Ventures is an early-stage venture capital firm. They focus on investing in innovative startups with high growth potential.
- Investment Focus Areas: Early-stage startups, technology.
- Notable Investments: Information not available.
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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