Electric provides IT infrastructure to SMBs, handling hardware deployment, license compliance, permission management, troubleshooting and other routine IT tasks so companies can operate with a smaller internal IT headcount or via outsourcing. The company saw rapid growth during the pandemic, doubling users and revenue in 2021 and expanding ARR from $17 million in 2020 to $38 million last year. Electric said it was on track to roughly double ARR again in 2022, targeting $70 million or more. Product initiatives in the works include a lightweight self-signup product, a self-service marketplace for add-ons (for example, antivirus), and proactive IT insights to recommend security and technology decisions. The company also plans to use new capital to pursue larger M&A deals and has previously acquired Sinu and TechVera. Management says the raise leaves Electric well-capitalized and able to pursue aggressive goals without immediately impacting runway. Electric provides software to handle the bulk of SMB IT work—distribution, maintenance, security, device provisioning and permission revocation—reducing the need for in-house IT departments or local providers. The product is often compared to Justworks for HR, positioning Electric as an outsourced IT operations layer for admins. Demand increased during the COVID era as remote work expanded, helping accelerate customer adoption and revenue. The company reported more than 100% revenue growth in 2020, and at the time of its Series C had just shy of $20 million ARR and 400 customers. Growth continued into 2021 with customer count rising to 700, 40,000 total end users, and 111% ARR growth year over year; the company was tracking just under $40 million ARR for 2021. Leadership views the business as potentially pre-IPO ready within two to three years and is focused on using capital to scale the team and product while managing operational complexity and focus. Electric offers a software-driven service that centralizes IT administration—managing devices, software subscriptions, permissions and routine maintenance—so small businesses can avoid hiring full in-house IT teams. The company charges a flat per-seat monthly price and recently introduced a lighter-weight offering without chat to broaden adoption. Electric more than doubled its customer base over the prior year and now supports around 25,000 users across more than 400 customer organizations. The company reports just shy of $20 million in ARR and has just under 250 full-time employees. To expand into new verticals and accelerate national growth, Electric acquired Sinu, an IT service provider with clients in legal, accounting and nonprofit sectors. Electric is also investing in diversity programs and philanthropic efforts as part of its growth strategy. Electric provides a cloud-based platform that installs management software on corporate machines to give IT a bird’s-eye view of an organization’s software estate. From the Electric dashboard IT pros can grant and revoke permissions, assign roles, ensure software is up to date, and handle day-to-day tasks through integrations with Dropbox, G Suite and Slack. The company added a self-service product that lives in the dock so employees can see corporate applications from a remote office. Electric positions itself to help stretched IT departments and companies that relied on in-person outsourced providers as remote work increases. Demand has jumped dramatically—Electric reports a 180% increase in interest from potential clients in the pipeline—and the company is continuing to spend on marketing. The product roadmap emphasizes scaling to meet demand and deeper Slack integration for issue reporting and support workflows. Electric provides a platform that lets businesses with small or no IT teams automate or manage administrative IT tasks with one click. The product focuses on administration, distribution, and maintenance of software—installing software on corporate machines, granting and revoking permissions, assigning roles, and keeping software up to date. The goal is to free IT specialists to concentrate on higher-skill work like troubleshooting and hardware installation. Founder and CEO Ryan Denehy said the company has tripled top-line growth over the past two years. Electric has been deliberate about fundraising and recently reopened its Series B to add strategic operators rather than chase cash. The company’s total funding stands at just over $50 million following the new tranche.

Total raised

$208M

Funding rounds

8

Latest round

Series D

Latest activity

Mar 2022