US-based back-office automation software developer Electric secured $90m of series D funding from investors including communications software provider Slack on Tuesday.
Venture capital firm GGV Capital led the round and was joined by Bessemer Venture Partners (BVP), Primary Venture Partners, Greenspring Associates, Atreides Management, 01 Advisors and Vintage Investment Partners. The company’s total funding now stands at $189m, it said.
Founded in 2016, Electric has developed technology enabling small and medium-sized businesses to automate their IT infrastructure, providing real-time support in areas including inventory, networks, application and cloud management.
Proceeds from the round will be put towards developing Electric’s products and company culture as well as improving customer service.
The company had received $40m in a series C round led by Greenspring Associates in February this year that included Slack, law firm Gunderson Dettmer, media agency Anchor Worldwide, BVP, Primary Venture Partners, GGV Capital, 01 Advisors, Atreides Management and Vintage Investment Partners.
GGV Capital also led the first $25m tranche of Electric’s series B round with participation from BVP in early 2019, before it secured $14.5m from 01 Advisors to close the round at $39.5m in March 2020. BVP had led its $9.25m series A round in 2018, joining Bowery Capital and Primary Venture Partners.
Ryan Denehy, chief executive of Electric, said: “We are focused on building a company that can lead the market for a very long time.
“Our existing investors share that vision, so we were thrilled to be able to complete the series D without bringing on any new capital partners. It is a testament to the belief everyone around the table has in our technology and Electric’s future.”
