Electric’s $40 Million Series C Financing

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP advised Electric on the deal.

Electric, the industry leader in providing world-class IT technology and real-time support for small and medium-sized businesses, announced it has raised $40 million in Series C funding. Greenspring Associates is leading the round, with participation from Electric’s existing investors including Bessemer Venture Partners, GGV Capital, 01 Advisors and Primary Venture Partners and new investors Atreides Management and Vintage Investment Partners, bringing the total amount raised to over $100 million.

The new capital will further Electric’s mission to deliver enterprise-grade IT support for small and medium-sized businesses and a best-in-class customer experience. With continued investments in research and development, this will deepen Electric’s commitment to providing lightning fast support. In addition, Electric is prioritizing investments in its people, beginning with an expansion of its diversity programs and continued philanthropic efforts. The round will also be used by sales and marketing to accelerate growth as the top managed service provider (MSP) in the country.

Electric is powered by a first-of-a-kind technology and a team of 100+ world-class IT support technicians, which standardizes security, compliance and business processes across networks, devices, apps, and onboarding and offboarding–of critical importance as many businesses continue to work remotely.

Electric is the industry leader in providing world-class IT technology and real-time support for small and mid-sized businesses.

Greenspring Associates was founded in 2000 to focus solely on venture capital investments.

The Gunderson deal team was led by Michael Hacker (Picture) and included Laura Stoffel and Misola Ijidakinro.

 

 

Involved fees earner: Michael Hacker – Gunderson Dettmer; Misola Ijidakinro – Gunderson Dettmer; Laura Stoffel – Gunderson Dettmer;

Law Firms: Gunderson Dettmer;

Clients: Electric;

Author: Martina Bellini