Electric , a platform that aims to put IT departments in the cloud, today announced new funding following a continuation of its Series B earlier this year.
Dick Costolo and Adam Bain ( 01 Advisors) and the Slack Fund participated in the $7 million capital infusion.
01 Advisors put up the majority of the financing ($6 million) with the Slack Fund putting up a little under $1 million and other insiders covering the rest, according to Electric founder and CEO Ryan Denehy.
The funding situation with Electric is a bit unique. Electric raised a $25 million Series B round led by GGV in January of 2019 . In March of this year, just before the lockdown, the company reopened the Series B at a higher valuation to make room for Dick Costolo and Adam Bain, raising an additional $14.5 million.
Then the coronavirus pandemic rocked the globe. On Monday March 9, the stock market felt it , triggering a temporary halt on trading. The following week was total financial chaos.
That’s when Adam Bain called up Denehy again. They ‘rapped out’ about the potential for Electric during this turbulent time.
“The increase in remote work is going to be dramatic,” said Denehy, relaying his conversation with Bain. “Larger companies are going to get smarter about budgeting and there is a lot of urgency for them to find ways to spend money around back office tasks like IT more efficiently. Electric becomes more appealing because, dollar for dollar, it’s a lot more efficient than building a […]
- Use dynamic CTAs to close more B2B leads
- Work from Home: Qualifacts Takes Workforce Fully Remote with 8×8