VC-backed MSP unicorn launches SMB referral partner program

Electric, the venture capital-backed MSP that hit Unicorn status early this year has launched a referral partner program to broaden its marketing campaign. Partners in the program will receive payouts as well as discounts that they can pass on to their customers.

Electric has revealed that this program will generally target SMBs with 10-500 employees and operate within the US. The program already has 5 partners who include startup finance expert Burkland, cybersecurity platform Perimeter 81, Compliance readiness platform Laika, nationwide insurance brokerage Bennie, and HRIS platform TriNet Zenefits.

This is Electric’s second partner program after its Technology Partner Program which is made up of hardware and software providers specifically chosen to offer Electric customers exclusive discounts and integrated IT services.

The MSP which offers services such as the deployment of new hardware, keeping all machines and licenses compliant, and managing user access was founded in 2016 and currently has 879 publicly listed employees.

And while we don’t know the current valuation of the company we know that it was able to raise over $100 million over a period of 6 months. The first and biggest round of investment came in October 2021 when the privately held firm received $90 million. 5 Months later CEO Ryan Denehy, announced that they had received $20 million in a new round of investment led by Harmonic Growth Partners, Vintage Investment Partners, Greenspring and Slack Fund.

Electric currently services about 1,000 end-user accounts which translate to about 55,000 end users. This represents a growth from the figures recorded in March this year which stood at 720 user accounts and 45,000 overall users.