Lower Manhattan startup focused on small-business IT raises $90M

The money spent on Zoom corporate accounts, cybersecurity software and virtual private networks during the pandemic is adding up quickly.

That’s good news for Lower Manhattan startup Electric, which provides IT software that helps small businesses manage their growing slate of software applications. The company announced Tuesday that it raised $90 million from venture-capital investors.

“Many of our customers are spending more money on software and technology than they are on real estate,” Chief Executive Ryan Denehy said. “This is quickly becoming companies’ biggest line item outside of salaries.”

The new funding round—which values the company at $810 million—comes eight months after Electric closed a $40 million

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