When I started Electric in 2016 it was after years of playing the role of part-time internal IT guy at my previous startups and struggling to find a modern IT solution to make my life easier.

That mission hasn’t changed. But a lot of other things have changed since 2016 when we were four people sitting in a room launching Electric.

We’re now nearly 500 employees worldwide. Hybrid and remote work is here to stay. The number of apps and tools every business is using keeps going up.

So the question we asked ourselves as a leadership team over the summer was “How can we 10x the quality of the service and technology we deliver to our customers and become the permanent leader in the space?”

It requires four specific things:

1. Recruit the best customer support and IT talent in the country, month in and month out
2. Plan years in advance to solve and prevent growing pains before they happen
3. Build substantially more software and automation to execute requests faster and more accurately than any alternative
4. Selectively acquire best-in-class regional providers to expand our capabilities and add skilled team members

Great. So then the question was, what would this cost and what would it take to get there?

The answer was roughly $90M. Casual.

Fortunately, we have support from some of the best investors on the planet like GGV Capital, Bessemer Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack. They believed in the vision for our next phase of growth and agreed to fill the entire round of financing. We didn’t have to speak to any outside investors to get this done.

Money alone doesn’t build companies or solve problems, but it’s certainly a necessary component!

We’re better capitalized and more focused than ever to make IT easy for you. I’m humbled to be your IT partner and look forward to the road ahead!!

Thank you for your continued support.

Sincerely,

Ryan Denehy, CEO, Electric