GGV Capital leads Electric’s $25M Series B Round
We’re also expanding our executive team. And moved to a new office. We’ve got a lot going on. Electric, the world’s first chat-based, real-time IT support solution for small and mid-size companies, has successfully raised $25M as part of a Series B financing round led by GGV Capital with participation from existing investor Bessemer Venture Partners. To date, Electric has raised $38M.
In addition, the company announced the expansion of its leadership team with the appointment of Rani Yadav as Chief Operating Officer and David Weiner as Vice President of Sales. Rani joins Electric from Blue Apron where, as Vice President of Marketing, she led all brand and customer acquisition functions, and helped scale the company from 8 to over 600 employees. In addition, Rani brings extensive general management, business development, and strategy and operations experience from her previous roles with Bain & Company, Unilever and Warner Music Group. David joins Electric from real-estate technology startup Compass, where he scaled the inside sales team from 6 to 85+ across 18 markets, and delivered triple-digit, top-line revenue growth for three years as VP of Sales and Head of Strategic Growth.
Automating IT with Further Investment
With this additional funding, the New York-based startup will further invest in the platform’s core features including automated IT troubleshooting, systems administration and data-driven recommendations for some of the most widely-used office technologies and SaaS applications in the world. In addition, Electric will be investing heavily across Client Success, Sales and Marketing, Operations and Executive teams.
“This past year has brought exponential growth for Electric and I’m proud to call us the fastest-growing company in our competitive set,” said Ryan Denehy, founder and CEO of Electric. “Our sales, product and engineering and account management teams have scaled up to support a wide range of customers and, most importantly, make those customers happy. With the new funding, we’re excited to continue on this rapid growth trajectory and become the de-facto IT solution for small and midsize offices all over the country.”
Jeff Richards, Managing Partner at GGV Capital, has joined Electric’s board of directors in addition to existing board members Bob Goodman, Partner at Bessemer Venture Partners; Brad Svrluga, General Partner at Primary Venture Partners; and Rudd Davis, Founder and CEO of Blackbird.
“Small and mid-sized businesses will spend over $600 billion on technology in 2019—more than $180 billion in the US alone,” said Jeff Richards. “Now more than ever, those companies are struggling to deploy and manage their IT infrastructure. Ryan and the Electric team have built an incredible platform that leverages modern cloud technologies like AI and chat to support customers in a scalable way we haven’t seen before.”
Today, Electric boasts over 300 customers with more than 10,000 employee end users through its innovative network-to-device level IT support platform, which includes day-to-day troubleshooting, systems administration, employee onboarding and offboarding and onsite emergency assistance. Electric integrates with over 50 of the most widely-used SaaS applications on the market.
For more information, schedule a demo to see how Electric can make an impact on your business.