Electric Raises $20 Million in Series D-1  

by Kay Aloha Villamor in April 5th, 2022

Electric, a New York-based leader in providing world-class IT technology for small and medium-sized businesses (SMBs), raised $20 million in Series D-1 funding from Harmonic Growth Partners.

Five months after its $90 million Series D with GGV Capital, Bessemer Venture Partners, Greenspring Associates, and others. 

This new funding brings the company's valuation to $1 billion and the company's total amount raised to over $200 million.

The new funds will also be used for additional strategic acquisitions and expanding into new markets and verticals. 

Company: Electric AI, Inc.

Raised: $20.0M

Round: Series D-1

Funding Month: March 2022

Lead Investors: Harmonic Growth Partners

Additional Investors: 

Company Website: https://www.electric.ai/

Software Category: IT Asset Management Software

About the Company: Electric is the industry leader in providing world-class IT technology and real-time support for small and mid-sized businesses. Electric's IT platform includes real-time support powered by 100+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding, and off-boarding, procurement & provisioning, and data monitoring & insights. The company completed acquisitions of Techvera and Sinu last year and expects to identify more strategic opportunities in 2022. Since its founding in 2016, Electric has grown to become one of the largest IT providers in the country serving close to 1,000 customers and 45,000 end-users across clients including TrustRadius, Otter.ai, Boxed, and TULA Skincare. Electric is a remote-first company with headquarters in New York City. 

Source: https://www.prnewswire.com/news-releases/electric-secures-20m-in-d-1-funding-round-bringing-valuation-over-1b-301511291.html



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