INSUBCONTINENT EXCLUSIVE:
Electric, the platform that delivers IT services to small and medium businesses, has today announced that it has raised an additional $14.5
million on its Series B from 01 Advisors, the fund led by Twitter alums Dick Costolo and Adam Bain.Though the funding is a part of the
further.Electric raised a $25 million Series B led by GGV in January of 2019.The company allows businesses with small IT teams, or no IT
team, to get on the platform and either automate or manage with one click the various administrative facets of that role
Most IT tasks are focused on administration, distribution and maintenance of software programs.Electric customers ensure that the software
is installed on every corporate machine, effectively giving the top IT employee or decision-maker an easy way to grant and revoke
permissions, assign roles and make sure software is up to date on various machines.The hope is that this allows IT specialists to focus on
the jobs that are best suited to their skills, such as troubleshooting, hardware installation and other more difficult tasks.Denehy said
this new fundraise was all about bringing strategic operators under the tent, not cash
A lot of founders sort of equate success to the fact that they raised two rounds within six months of each other, and I just took the
I wondered what we could actually do to make our company run better and the conclusion was to get the best business leaders and operators in
Denehy says part of the reluctance around fundraising stemmed from the fact that Electric had tripled top-line growth over the past two
operate slightly unusually for a growth-stage fund (01 Advisors writes checks for later A rounds and B rounds)
results in a hands-on approach based on their experience as operators
Remember, Costolo grew Twitter to a market cap of $23.4 billion before stepping down, and Bain spent six years at Twitter as president of
Global Revenue and Partnerships before stepping into the COO role.Costolo and Bain have already brought their hands-on approach to Electric,
having conversations with the head of HR around how to introduce HR business partners to different departments and how to scale and set
goals for the enterprise sales team.
