IT Startup Electric Adds Another $7M to Latest Funding Raise

by Gordon Gottsegen
May 18, 2020
Electric
Photo: Electric

In early March, IT services startup Electric announced that it raised $14.5 million in funding from 01 Advisors. At the time, Electric said this funding wasn’t so much about raising capital as it was partnering with 01 Advisors, a growth investment firm led by influential ex-Twitter execs Adam Bain and Dick Costolo.

A lot has changed in the past two months, so Electric went back to 01 Advisors to double down on their relationship.

On Monday, Electric announced that it raised another $7 million in funding. 01 Advisors contributed $6 million to this raise, the Slack Fund — which is operated by work chat platform Slack — contributed just shy of $1 million, and the remainder came from other investors.

Electric offers a variety of IT services through its chat-based interface, which allows the company to solve technical problems in real-time. IT services have become especially important in the past few weeks as employees work remotely across a range of different devices, which creates an opportunity for Electric to step in and help. On top of this, many employers are experimenting with remote work at scale for the first time. Some may choose to rely on remote work more heavily in the future.

All this made investors eager to contribute more capital to fuel the startup’s growth.

“We’re thrilled to receive the latest round of funding from incredible investors like Slack and Dick Costolo and Adam Bain at 01 Advisors,” Electric CMO Andrea Kayal told Built In. “With remote work as the future, IT remains the mission critical function–enabling employees to remain efficient while keeping company data secure. Electric is excited to continue powering IT departments at a fraction of the cost.”

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