Participated · Series D · Mar 2022

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.

Led · Series C · Nov 2021

Trusted Health builds Works, a nurse staffing platform focused on filling nursing shifts and enabling employers to create an on-demand workforce from internal and external sources in a single system. The platform also offers tools for predicting staffing demand and onboarding staff. Trusted Health says Works helps hospitals match the right clinician to the right role more efficiently and has partnered closely with organizations like Mercy. The company raised $149 million in recent equity financings and now has $175 million in total funding. Management intends to use the new capital to speed up the rollout of Works amid broader healthcare staffing challenges exacerbated by the pandemic. CEO and cofounder Lennie Silwinski framed the product as a response to a fragmented ecosystem of apps and services for healthcare staffing. Trusted Health operates a digital employment platform and marketplace for nurses that combines personalized support with a fully automated online employment agency. The company digitizes and manages resumes, credentials and certifications, uses an automated matching system to alert nurses to relevant opportunities, and presents job and compensation details up front. Trusted Health eliminates 1099 contracting by offering W2 employment and related protections, handling contracts, benefits enrollment and timekeeping through its platform and app. The service includes perks similar to those available in the high-tech industry and aims to provide a single resource for nurses to grow professionally and explore new opportunities. Founded in 2017 by Sarah Gray, R.N., the company began operations in California and employed nurses in 20 states at the end of the first quarter of 2019. It plans to expand employment operations into all 50 states and the District of Columbia and to enhance its tools, resources and the types and quantities of opportunities available.

Led · Series C · Nov 2021

Trusted, Inc. is a San Francisco, CA-based labor marketplace for healthcare professionals that built Works, a comprehensive staffing platform for hospitals. Works unites internal and external labor sources into a single operating system and provides a data-driven approach to staffing. The platform manages the entire employee lifecycle, from onboarding and credentialing to monitoring compliance and managing payments. Trusted says Works gives administrators real-time visibility and actionable insights to react to predictable and unpredictable demand fluctuations. Mercy, a large U.S. health system, is using Works to improve its nursing workforce. The company plans to use the new funding to launch Works more broadly and to grow headcount, which it expects to double by the end of 2022.

Participated · Series D · Nov 2021

Jackpocket’s core product is a mobile-first lottery ticket ordering service that purchases physical tickets on users’ behalf, provides watermarked scanned images, and enforces age and location compliance via GPS and ID checks. The app has 2.5 million active users and currently operates in 10 U.S. states, with active-user growth up 300% in the past eight months. Its business model charges a 9% fee on customer deposits (no fee on winnings used to play and no withdrawal fee). The company emphasizes responsible gaming with spending monitoring and an initial $100-per-day cap. Jackpocket plans to use new funding to expand beyond lottery ticket sales into broader mobile gaming (raffles, sweepstakes, bingo, social casino games), invest in technology and best practices from e-commerce, subscriptions, and mobile wallets, and expand into additional states and partnerships. It operates out of New York with an operation in Santa Barbara, CA, where CEO Peter Sullivan is based. Jackpocket is a NYC-based licensed third-party app that provides a secure way to order official state lottery tickets. Led by CEO and founder Peter Sullivan, the app enables users to automatically order official state lottery tickets through the company's licensed service. It is currently available in Arkansas, Colorado, Minnesota, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas and Washington, D.C. The company closed a $50M Series C round to support growth. Jackpocket intends to use the funds to grow its user base as it launches in new jurisdictions and to expand the team. The company is expanding to many new markets. Jackpocket is a mobile-first third-party app that enables players to order official state lottery tickets such as Powerball and Mega Millions and to manage plays through features like lottery pools, autoplay, and result checking. The company emphasizes security, including automatically locking a player’s identity to a ticket serial number. Jackpocket is available in Minnesota, New Hampshire and Texas and said it is expanding to many new markets in 2019. Since its Series B announcement the company reports it has tripled ticket sales and grown its player base by over 150% in six months, and it has awarded $1 million in player prizes in 2019 to date. The platform is positioned as a no-cost, no-integration turnkey solution for lotteries to drive incremental revenue and attract new customers such as millennials. Leadership includes founder and CEO Peter Sullivan, with recent senior advisors Gavin Isaacs and Paul Palmieri. Jackpocket is the first third-party mobile app in the U.S. that enables users to order official state lottery tickets (Powerball, Mega Millions and state games) and check results. Its core product includes a proprietary ticket-scanning and processing technology that uses machine learning, a Pools feature for group plays, and autoplay functionality. The app enforces responsible-play measures such as a $100 daily limit per user and in-app access to the National Council on Problem Gambling. Jackpocket is available in New Hampshire and Minnesota and was recently inducted as an Associate Member of the North American Association of State and Provincial Lotteries. The company says its platform is a no-cost, no-integration turnkey solution that helps lotteries drive incremental revenue and attract new players. Management plans to use new capital to expand the service into additional jurisdictions.

Participated · Series B · Oct 2021

Scout Bio is focused on delivering a pipeline of one-time adeno-associated viral (AAV) gene therapies for major chronic pet health conditions. Its therapeutics are designed to induce long-term expression of therapeutic proteins in pet patients using AAV vector technology. Lead product candidates target diabetes, feline pain associated with osteoarthritis, and anemia associated with chronic kidney disease (CKD), and the company is researching additional indications. Scout Bio reported meaningful clinical data in patients with CKD-associated anemia, indicating AAV gene therapy can be efficacious in client-owned animals with chronic diseases. The company has a research and development collaboration with the University of Pennsylvania’s Gene Therapy Program. It is a private company headquartered in Philadelphia, Pennsylvania. Proceeds from a recently closed financing will support advancing the clinical development of its programs and platform over the next twelve months. Scout Bio is focused on delivering one-time therapeutics for major chronic pet health conditions using adeno-associated viral (AAV) vector technology. The company’s approach is intended to induce long-term expression of therapeutic proteins in pet patients from a single intramuscular injection. Scout is advancing programs across chronic kidney disease, chronic pain, and atopic dermatitis, with its lead candidate designed to deliver long-term feline erythropoietin (EPO) for cats with anemia associated with chronic kidney disease. The lead program has demonstrated statistically significant increases in red blood cell counts in cats for months after a single injection and has entered a clinical pilot field study. A proprietary survey of 424 veterinarians indicated over 90% would use a product with Scout’s target profile over other treatments. Scout holds an exclusive AAV research and development collaboration and license with the University of Pennsylvania’s Gene Therapy Program and will use recent financing to advance its pipeline and expand clinical and other operations; the company is headquartered in Philadelphia, Pennsylvania.