Electric, a US-based IT management software developer backed by corporates Gunderson Dettmer, Anchor Worldwide and Slack, has secured $40m in a series C round led by venture capital firm Greenspring Associates.
The round also featured VC firms Bessemer Venture Partners (BVP), GGV Capital, Primary Venture Partners, 01 Advisors and Vintage Investment Partners as well as fund manager Atreides Management.
Electric has developed an online platform used to manage and automate businesses’ IT infrastructure. The platform can provide day-to-day IT troubleshooting through a team of more than 100 support technicians but also manage tasks such as software subscription management and employee onboarding.
The company said it has more than 400 business customers, representing about 20,000 end-user employees. The series C round has increased its funding to over $100m since it was founded in 2016.
Electric raised $39.5m across two tranches for its series B round, including $14.5m from 01 Advisors to close the round in March 2020.
BVP participated in a $25m first close of the series B round led by GGV Capital in January 2019, having already led a $9.3m series A round for Electric in 2018 backed by Bowery Capital and Primary Venture Partners.
The company raised $1m from undisclosed investors in 2017 according to a regulatory filing, following a $2.5m seed round led by Bowery Capital that also featured law firm Gunderson Dettmer, digital advertising agency Anchor Worldwide and Primary Venture Partners in 2016.
The company said at the time of the series C round that enterprise communication platform developer Slack was an existing investor, and its other backers include VC firms Supernode Ventures, Silicon Badia and Charge Ventures.