Electric raises $40M Series C to put small-business IT in the cloud

Electric raises $40M Series C to put small-business IT in the cloud

It would be an understatement to state that enterprise-focused startups have fared well throughout the pandemic. As organizations look to go remote, and the way we work has been turned on its head, quickly-growing tech business that simplify this transition are in high demand. One such start-up has, in fact, raised $61.5 million in the […] , a business looking to put IT departments in the cloud, simply revealed the close of a $40 million Series C round. Electric launched in 2016 with a mission to make IT much simpler for medium-sized and small companies. Electric charges a flat rate per seat per month, and Denehy states the business more than doubled its customer base in the last year. Denehy says that a little less than half of Electric’s customer base are tech startups, which makes sense considering the company introduced in New York in a tech and media-centric ecosystem. The Electric team is currently made up of simply under 250 full-time staff members, with 32.5 percent ladies and around 30 percent of workers being non-white….

Electric gets another $7 million in financing from 01 Advisors and the Slack Fund

Electric gets another $7 million in financing from 01 Advisors and the Slack Fund

Electric, a platform that intends to put IT departments in the cloud, today revealed new funding following a continuation of its Series B earlier this year. Dick Costolo and Adam Bain (01 Advisors) and the Slack Fund participated in the $7 million capital infusion. 01 Advisors set up most of the funding ($6 million) […] The financing scenario with Electric is a bit unique. Electric is a platform developed to support the existing IT department of an organization, or in some cases, replace an outsourced IT department. Electric allows IT to install its software application on every corporate device, giving the department a bird’s-eye view of the company’s IT scenario. Electric is also integrated with the APIs of top software programs, like Dropbox and G-suite, letting IT manage most of their day-to-day jobs through the Electric control panel. …