IT services startup Electric has brought in a fresh batch of new funding and, on top of that, it has also gained the backing of some major tech leaders.
Electric raised $14.5 million from 01 Advisors. This investment comes separate from a traditional funding raise, and follows the company’s $25 million Series B announced last January.
01 Advisors is a growth investment firm headed by former Twitter executives Adam Bain and Dick Costolo. Bain was previously the COO of Twitter, while Costolo was Twitter’s CEO from 2010 to 2015. The duo helped increase Twitter’s revenue exponentially and make the company what it is today.
Electric’s CEO and founder Ryan Denehy described meeting Bain and Costolo in a company blog post. While Denehy wasn’t immediately looking to raise a ton of funding, he was more excited about the fact that the two wanted to help out on the executive level.
“They had seen hyper growth before and could act as coaches to high-performing teams to help increase their odds of massive success. In exchange they invest some money, often outside of a traditional raise,” Denehy wrote. “I almost fell out of my chair in their office. These guys were doing exactly what me and my management team were looking for in a partner — actual value-add help on the complexities of high-growth operations.”
Electric creates IT solutions for small- to medium-sized businesses, offering things like real-time tech support, device management, server management, employee onboarding, cybersecurity and more. The company’s platform can support all sorts of IT needs, and can be customized to meet the needs of its customers.
While the company wants to be able to “double down on big bets” in terms of certain products, this new investment is more about leadership than it is about extra capital.
“Getting world-class operators involved in your business is infinitely more valuable than just raising more cash simply because it’s available,” Denehy wrote. “No amount of money will make you a better leader. But better people around the table absolutely will.”