San Clemente based start-up Electric raises USD 40 Million

The California based start-up Electric has secured USD 40 million funds on 23^rd of February, 2021 in a series C funding round led by Greenspring Associates. 

Investors: The capitalization of USD 40 million funds was acquired in a series C round led by Greenspring Associates along with the participation from previous investors like GGV Capitals, Bessemer Venture Partners and 01 Advisors. 

What the funding is for: The fresh funding would be utilized for the development and further improvements in the user client interface structure. According to reports the company is also aiming to expand their reach and stabilize their Franchise all around the world. 

Founder of the company: Kip Arnette

Founded date: January 3, 2000

About the company: Electric is a privately held organization which operates under the consumer goods industry. Its headquarters is established in San Clemente, California and has a work strength of approximately 51-200 employees. They also deal with various specialties like maintenance, distribution and human resource efficiency. 

What the CEO has to say: “The name of the game is just simplicity, simplicity and simplicity. Part of this is in response to the fact that people are realizing the permanence of hybrid work. During the pandemic people stopped paying their landlords but they did not stop paying us. So in the summer we started to focus on how we can create more offerings which we can get in the hands of more businesses and let them start their journey with us.” — Kip Arnette, CEO of Electric. 

“Alongside growth both of the electric team and its customer base the company is also investing in expanding its diversity programs and philanthropic efforts. The electric team is currently made of just under 250 full time employees, with 32.5% women and around 30% of employees being non-white. Specifically, nearly 12% of employees are black and 10% are latinx. 

What the investors have to say: “A little less than half of electric’s client base are start-ups which makes sense considering the company launched in New York in a tech and media centric ecosystem. As a way to expand in their vehicles, electric acquired sinu an IT service provider who happened to have an impressive roster of clients outside of Electric’s comfort zone, such as legal, accounting and non-profit.” — General Manager at Greenspring Associates. 

“The vast majority of IT’s work is administration, distribution and maintenance of a broad variety of software programs at any given company. Electric does most of that job on behalf of IT, meaning that a smaller business only needs to worry about desktop troubleshooting when it comes up, rather than the whole kit and caboodle.” — CEO of GGV Capitals. 

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