Electric Raises $20M In D-1 Funding

Electric, a NYC-based provider of IT technology for small and medium-sized businesses (SMBs), raised $20M 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 intends to use the funds to accelerate product innovation toward data-driven business insights and self service tools where customers can easily manage and purchase applications and devices within the platform, for additional strategic acquisitions, and expand into new markets and verticals.

Led by CEO and Founder Ryan Denehy Electric provides IT technology and real-time support for small and mid-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.

The company completed acquisitions of Techvera and Sinu last year and expects to identify more strategic opportunities in 2022. Since its founding in 2016, Electric has grown to become one of the largest IT providers in the country serving close to 1,000 customers and 45,000 end users across clients