Electric Revenue, Valuation, Funding & Investors

Electric is valued at $1B as of March 2022.

Last Electric valuation

$1B

Series D · Mar 2022

Last Electric funding round

$23M

Series D · Mar 2022

Electric revenue

$40M

Series D · Oct 2021

Key investors in Electric

  • Primary Venture Partners
  • Bessemer Venture Partners
  • 01 Advisors
  • Notable Capital
  • Bowery Capital
  • Supernode Ventures

Electric Overview

About Electric

Electric is a New York City-based provider of AI-powered IT management platforms tailored for small and mid-sized businesses across North America. Launched in 2016, its unified platform handles real-time IT support through over 100 technicians, alongside cybersecurity, endpoint management, network monitoring, cloud applications, employee lifecycle automation, procurement, and analytics. The company supports nearly 1,000 clients encompassing 45,000 end-users in sectors like technology, finance, and healthcare.


Founded

2016

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$40M (Oct 2021)

Valuation

$1B (Mar 2022)

Electric Valuation

Electric is currently valued at $1B, based on its Series D in March 2022.

The $23M round was led by Harmonic Growth Partners, with participation from Slack Fund.

Electric's valuation has grown 1.2x from $810M at its Series D in October 2021 to $1B in March 2022, across 2 priced rounds.

Electric valuation by funding round

Revenue multiple
Electric valuation by funding round
DateStageValuationRevenue Multiple
Mar 2022Series D$1B-
Oct 2021Series D$810M20.3x

Electric Revenue

Electric's latest recorded revenue is $40M, as of its Series D in October 2021. At a $810M valuation, that implies a 20.3x revenue multiple.

Electric revenue by funding round

Electric revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2021$40M$810M20.3xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Electric Funding History

Electric has raised a total of $212M across 9 funding rounds.

Electric's first fundraising round was a $2M seed round in November 2016. The most recent completed round was a $23M Series D in March 2022.

Electric funding rounds

Electric funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2022Series DHarmonic Growth Partners (lead); Slack Fund$23M$1BElectric is a modern IT infrastructure solutions provider that offers automated software providing IT assistance across businesses through a real-time chat interface. The company enables businesses to buy and manage IT through a single cloud-based platform while keeping businesses secure and delivering a remarkable employee experience. In its Series D-1 financing round, Electric raised $20 million led by Harmonic Growth Partners, bringing the company's post-money valuation to $1 billion. Founder and CEO Ryan Denehy described the partnership with Harmonic as an opportunity to leverage the firm's extensive network of software industry CEOs and operators. The new capital was designated for product innovation, additional strategic acquisitions, and expansion into new markets and verticals.
Oct 2021Series DNotable Capital (lead); Greenspring Associates; Slack; Two Culture Capital; Harmonic Growth Partners; Vintage Investment Partners; Atreides Management; Everywhere Ventures; Bessemer Venture Partners; 01 Advisors; Primary Venture Partners; Crew Capital$90M$810MElectric is an IT platform providing infrastructure software and services for small and medium-sized businesses (SMBs), automating IT management especially in remote work environments. The company raised $90 million in a Series D funding round on October 19, 2021, led by GGV Capital with participation from existing investors including Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack. This brought total funding to over $189 million. Funds support scaling operations, product expansion, and responsible growth following acquisitions of Techvera and Sinu. At the time of the Series D, Electric reported tracking at just under $40 million in ARR for 2021, reflecting 111% year-over-year ARR growth from the prior Series C in February 2021 when ARR was just shy of $20 million. Customer count grew from 400 to over 700, with 40,000 total end users including AllTrails, Morning Brew, Pacific Catch, and Socialfly. In 2020, revenue grew over 100% despite early pandemic challenges. Electric's growth aligns with rising SMB IT budgets, with 68% reporting increases in 2021 versus 2020 and 71% noting remote work impacts. A Forrester Total Economic Impact report showed 105% ROI with six-month payback for clients. Headcount expanded 183% to 444 employees in the prior 12 months.
Feb 2021Series CGreenspring Associates (lead); Vintage Investment Partners; Atreides Management; Bessemer Venture Partners; 01 Advisors; Primary Venture Partners; Notable Capital$40M--
May 2020Series B01 Advisors (lead); Slack (lead)$7M-Electric is an IT support platform that automates IT management for small to medium-sized businesses through a Slack-integrated chatbot, handling troubleshooting, systems administration, security, network management, and permissions. It enables IT professionals to grant/revoke access, assign roles, ensure software updates, and integrate with tools like Dropbox and G-Suite via a central dashboard. In May 2020, Electric raised $7 million in a funding extension, with 01 Advisors contributing the majority ($5-6 million), Slack Fund nearly $1 million, and other insiders the rest. This followed a $14.5 million investment from 01 Advisors in March 2020, bringing total funding to around $66 million at that point, with prior backers including GGV Capital and Bessemer Venture Partners. The round came amid rising remote work demands during the COVID-19 pandemic, fueling 180% growth in client pipeline interest and a new self-service product for remote employees.
Mar 2020Series B01 Advisors (lead); Dolik Ventures$15M-Electric provides IT support solutions for small and medium-sized businesses through a cloud-based platform that automates device management, software distribution, permissions, and troubleshooting via a chat interface. The company serves notable customers including Newhouse School, Resy Network, Joor, Mercari, and E-learning Mind. In March 2020, Electric raised $14.5 million in a Series B bridge extension from 01 Advisors, led by former Twitter executives Dick Costolo and Adam Bain, with participation from prior investors including Dolik Ventures. This brought total funding to $51.8 million. Founder Ryan Denehy emphasized the strategic value of operators like Costolo and Bain over mere capital. Electric continued fundraising in May 2020 with an additional $7 million primarily from 01 Advisors and the Slack Fund amid rising remote work demand during the coronavirus pandemic. By February 2021, the company reached nearly $20 million in ARR, supporting 25,000 users across 400+ organizations, and closed a $40 million Series C led by Greenspring Associates, pushing total funding over $100 million.
Jan 2019Series BNotable Capital (lead); Supernode Ventures; Bessemer Venture Partners$25M-Electric is a New York-based company providing cloud-based IT management platforms for small and medium-sized businesses (SMBs), offering services like IT support, security, and employee experience tools. Founded in 2016, it has grown to serve nearly 1,000 customers and 45,000 end users, including companies like TrustRadius, Otter.ai, Boxed, and TULA Skincare. The company has pursued growth through strategic acquisitions such as Techvera and Sinu in 2021. Electric has raised a total of approximately $208.8M to $212.1M across 9-10 funding rounds, with key investors including Bessemer Venture Partners, Notable Capital, Primary Venture Partners, Greenspring Associates, and others. Valuation was $799M-$889M in the October 2021 Series D ($90M) and reached $1B in the March 2022 Series D-1 ($20M) led by Harmonic Growth Partners with participation from Bessemer, Notable Capital, and others. Funds from later rounds supported market expansion, vertical growth, and acquisitions. Electric positions itself as a leader in SMB IT, simplifying technology management amid rising demand for secure, fast IT solutions.
Mar 2018Series ABessemer Venture Partners (lead); Supernode Ventures; Bowery Capital; Primary Venture Partners$9M--
Sep 2017SeedBowery Capital (lead); Primary Venture Partners (lead); Supernode Ventures; Gutter Capital; Dolik Ventures; Charge Ventures; Silicon Badia$1M--
Nov 2016SeedBowery Capital (lead); Charge Ventures; Silicon Badia; Primary Venture Partners; Gunderson Dettmer$2M--

Who has invested in Electric?

20 investors have backed Electric across its funding rounds, including Primary Venture Partners, Bessemer Venture Partners, 01 Advisors, Notable Capital, Bowery Capital and Supernode Ventures.

Lead investors include Harmonic Growth Partners, Notable Capital, Greenspring Associates, 01 Advisors, Slack and 3 other investors.


Electric Investors

Investors in Electric by funding rounds participated
InvestorHQRoundsRoleFirst check
Primary Venture PartnersUnited StatesNew York City, NY5LeadNov 2016
Bessemer Venture PartnersUnited StatesSan Francisco, CA4LeadMar 2018
01 AdvisorsUnited StatesSan Francisco, CA4LeadMar 2020
Supernode VenturesUnited StatesNew York City, NY3ParticipantSep 2017
Bowery CapitalUnited StatesNew York City, NY3LeadNov 2016
Notable CapitalUnited StatesSan Francisco, CA3LeadJan 2019
Greenspring AssociatesUnited StatesBaltimore, MD2LeadFeb 2021
SlackUnited StatesSan Francisco, CA2LeadMay 2020
Harmonic Growth PartnersUnited StatesWashington, DC2LeadOct 2021
Vintage Investment PartnersIsraelHerzliya2ParticipantFeb 2021
Atreides ManagementUnited StatesBoston, MA2ParticipantFeb 2021
Dolik VenturesUnited StatesNew York City, NY2ParticipantSep 2017
Charge VenturesUnited StatesNew York City, NY2ParticipantNov 2016

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Acquisitions by Electric

Electric has acquired 2 companies to date.

Last acquisition by Electric was on August 31st 2021. Electric acquired Techvera for undisclosed valuation.


Latest Acquisitions by Electric

Techvera
Sinu
Description
Techvera is a cybersecurity and IT services firm headquartered in the United States that modernizes digital ecosystems for organizations in healthcare, finance, education, and professional services. The company provides cybersecurity architecture, cloud infrastructure upgrades, managed security services, AI-driven threat intelligence, and compliance management. Techvera delivers tailored digital transformation strategies, including legacy system overhauls and automation implementations, to regulated industries seeking resilience.
Sinu is a New York City-headquartered managed IT services provider serving small businesses and nonprofits with 10 to 300 employees along the Eastern Seaboard. Established in 2000 in TriBeCa, it offers 24/7 helpdesk support, cybersecurity assessments using ESET and Microsoft Defender, and Microsoft 365 migrations. Sinu maintains data centers in New Jersey for compliant backups.
HQ CountryUnited StatesUnited States
HQ City
Dallas, TX
New York City, NY
Deal Date31 Aug 202119 Nov 2020
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Electric Competitors

Electric competitors include listed companies like PagerDuty and Datagroup, and private ones like Dash0, GoGuardian, Serval and BigPanda.

Public and private companies comparable to Electric
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Dash0United StatesNew York City, NYPrivate--$1B-
GoGuardianUnited StatesLos Angeles, CAPrivate$100M-$1B10.0x
ServalUnited StatesSan Francisco, CAPrivate--$1B-
PagerDutyUnited StatesUnited StatesPublicly listed$493M$17M$1.1B2.2x
BigPandaUnited StatesSan Francisco, CAPrivate--$1.2B-
DatagroupGermanyGermanyPublicly listed$652M$96M$726M1.4x

Electric Public Comps

Electric is still privately-owned, but its public comps include BrightView, Matrix Design Co., Open Up Group, PagerDuty, Datagroup, Dexterra Group, Johnson Service Group, Restore, Wiscom System and Coor Service Management.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
BrightView$2.7B$307M0.9x0.9x8.0x7.2x
Matrix Design Co.$110M$12M7.7x7.2x69.8x-
Open Up Group$1.2B$121M0.8x1.0x8.4x8.3x
PagerDuty$493M$17M2.2x2.2x64.6x7.7x
Datagroup$652M$96M1.4x1.4x9.6x9.4x
Dexterra Group$746M$78M1.1x1.0x10.5x8.5x
Johnson Service Group$719M$215M1.3x1.3x4.2x3.9x
Restore$409M$92M2.2x2.0x9.8x7.1x

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Common questions about Electric

When was Electric founded?Electric was founded in 2016.
Where is Electric headquartered?Electric is headquartered in New York City, NY, United States.
Is Electric publicly listed?No, Electric is a private, VC-backed company.
What is Electric's valuation?Electric was last valued at $1B in its Series D in March 2022.
How much funding has Electric raised?Electric has raised $212M across 9 funding rounds.
What was Electric's last funding round?Electric's last funding round was a $23M Series D in March 2022, led by Harmonic Growth Partners.
Who are Electric's investors?Electric's investors include Primary Venture Partners, Bessemer Venture Partners, 01 Advisors, Supernode Ventures, Bowery Capital, Notable Capital, Greenspring Associates, Slack, Harmonic Growth Partners, Vintage Investment Partners and 10 others.
What is Electric's revenue?Electric's latest recorded revenue is $40M (October 2021).
What is Electric's revenue multiple?Electric's latest valuation implies a 20.3x revenue multiple ($810M valuation on $40M of revenue).
Which companies are comparable to Electric?Companies comparable to Electric include Dash0, GoGuardian, Serval, PagerDuty, BigPanda and Datagroup.
How many companies has Electric acquired?Electric has acquired 2 companies, including Techvera and Sinu.

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