Sinu’s team has done an excellent job winning and pleasing customers in a lot of industries where we currently don’t play but probably should. Organic market entry, even in adjacent markets can be extremely time consuming and expensive. As a way to expand into other verticals, 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 nonprofit. So in the summer, we started to focus on how we can create more offerings that we can get in the hands of more businesses and let them start their journey with us.”ĭenehy says that a little less than half of Electric’s client base are tech startups, which makes sense considering the company launched in New York in a tech and media-centric ecosystem. During the pandemic, people stopped paying their landlords but they didn’t stop paying us. “Part of this is in response to the fact that people are realizing the permanence of hybrid work. “The name of the game is just simplicity, simplicity, simplicity,” said Denehy. The company has recently introduced a new lighter-weight offering that includes all of the same functionality as its more expensive product, but without access to chat functionality. This is the first time Denehy has come anywhere close to sharing revenue numbers publicly, but it’s a good time to flex. It now supports around 25,000 users across more than 400 individual customer organizations, which puts Electric just shy of $20 million ARR. Electric does most of that job on behalf of IT, meaning that a smaller business only needs to worry about desk-side troubleshooting when it comes up, rather than the whole kit and caboodle.Įlectric charges a flat price per seat per month, and Denehy says the company more than doubled its customer base in the last year. Rather than bringing on a dedicated IT department, or contracting out high-priced local service providers, Electric’s software allows one admin to manage devices, software subscriptions, permissions and more.Īccording to founder Ryan Denehy, the vast majority of IT’s work is administration, distribution and maintenance of the broad variety of software programs at any given company. Electric gets another $7 million in funding from 01 Advisors and the Slack FundĮlectric launched in 2016 with a mission to make IT much simpler for small and medium-sized businesses.
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