The company has announced a $ 25 million financing led by GGV.
Electric Recently announced that it has obtained $ 14.5 million in financing from 01 Advisors. The financing belongs to Series B. In January last year, the company announced that it had received a $ 25 million Series B financing led by GGV. At this point, Electric’s Series B funding has reached $ 39.5 million, with a total funding of more than $ 50 million.
01 Advisors, although a newly established investment agency, was founded by Twitter’s former CEO Dick Costolo, former COO Adam Bain, and former head of corporate development and investor relations David Rivinus. 01 Advisors also recently led a $ 50 million Series B funding round from another San Francisco startup, SpotOn, which mainly provides payment systems and POS software to SME customers, as well as customization including marketing and membership systems End-to-end solutions.
01 Advisors It is not surprising to bet on two enterprise service companies at the same time. After all, SMEs are an important part of the national economy in both the United States and the world. And these small and micro enterprises often have meager profits and live within their means, and do not have enough human and material resources to develop digital and intelligent systems to reduce operating costs and improve operating efficiency. Such a large customer base has created considerable markets for companies such as Electric and SpotOn.
Electric Founded in September 2016, the founder Ryan Denehy previously separated his two companies Sold to USA Today Sports and Groupon. At present, most IT solutions provided by Electric for small, medium and micro enterprises are used for software project management, configuration and maintenance. Customers only need to install the software provided by Electric on each computer of the company, and the senior IT department can coordinate the system operation of the entire department and allow IT specialists to have the energy to do more difficult and more complicated tasks such as hardware installation.