Electric Raises $20M In D-1 Funding

Electric, an NYC-based IT technology provider for small and medium-sized business (SMBs), elicited $20 in Series D-1 funding.

Harmonic Growth Partners made the investment five months after its $90m Series D with GGV Capital, Bessemer Venture Partners, Greenspring Associates and others. This new funding brings the company’s valuation to $1 billion and the total amount raised to over $200m.

The company plans to make use of the funds to increase product innovation, to develop data-driven insights and self service tools for customers that enable them to easily manage and purchase apps and devices within the platform. It also intends to acquire additional strategic assets and expand into new markets.

Ryan Denehy Electric, the CEO and founder of Electric, provides IT technology and support for small and medium-sized businesses. With close to 1,000 customers including TrustRadius, Otter.ai, Boxed and TULA Skincare, and more than 45,000 employee end-users, The 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 completed the acquisitions of Sinu and Techvera last year, and plans to continue its search for strategic opportunities in 2022. Electric, which was founded in 2016, has grown to be one of the most important IT providers in the country. It serves close to 1,000 clients and 45,000 end users across clients.

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