Namely, a human resources software platform for mid-market companies, raised $30 million in a late-stage funding round led by existing investor Sequoia Capital. Matrix Partners, True Ventures and Greenspring Associates also participated. The funding follows Namely’s Series C round in June and brings the total funding raised to $107.8 million.
Correction: A previous version of this post incorrectly stated in the headline and in the above summary the nature of the funding round. Although not explicitly stated in the release, the company says the funding was a Series C-1.
NEW YORK, Feb. 23, 2016 /PRNewswire/ — Namely, the modern all-in-one HR software platform for mid-market companies, today announced it has raised an additional $30 million in funding led by existing investor Sequoia with support from Matrix Partners, True Ventures and Greenspring Associates. The funding follows Namely’s Series C round in June and brings the total funding raised to$107.8 million. The company also announced expanding operations and client milestones – including that it now processes over $2.5 billion in annual payroll – solidifying Namely’s leadership position in the mid-market.
Today’s funding news follows another record year for Namely. In its fourth year, the company doubled its client base, added an experienced leadership team, and deepened core technology and operations. These milestones speak to Namely’s unique ability to help mid-market HR and finance leaders with two of their biggest priorities: staying compliant and providing a great experience for employees.
With its additional funding, Namely will continue to invest in its core HR, payroll, and benefits technology and operations, remaining focused on helping mid-market companies streamline their end-to-end HR process, address evolving regulatory challenges, and increase employee engagement. The company will also expand its integrations, enabling companies to seamlessly manage employee data across all their HR and finance systems.
The Affordable Care Act (ACA) and rapidly changing regulations at local, state, and federal levels have forced mid-market companies to prioritize compliance more than ever. Namely unifies HR, payroll, and benefits in one platform, enabling its clients to automate ACA reports and to satisfy complex payroll and benefits regulatory requirements. Further, Namely is the only HR platform for the mid-market that’s as intuitive and friendly as consumer technology, which makes it easy for employees to manage their HR needs and engage with coworkers.
“The amount of regulatory complexity facing HR has grown tremendously in the last year, and we expect that trend to continue in 2016,” said Matt Straz, founder and CEO of Namely. “At Namely, we make it much easier for HR leaders to manage compliance, so they can spend their time on strategy, engagement, and developing people—the things they love to do.”
“Namely frees people from the shackles of back-office HR administration and enables them to become strategic drivers of employee culture and engagement, which are the foundation on which great companies are built,” said Pat Grady, partner at Sequoia. “Namely’s growth is a reflection of its maniacal focus on customer success. We’re thrilled to deepen our commitment to Namely, and to support the team in taking HR into the 21st century.”
Namely also announced today that it is opening its doors in Austin, Texas. The Austin office is home to a new sales team that will address demand from one of the top U.S. markets for innovative mid-market companies. In addition, the company will continue to strategically expand its New York and San Francisco operations.
Namely is the first HR platform that employees actually love to use. Namely is powerful, easy-to-use technology that allows companies to handle all of their HR, payroll, benefits, and talent management in one place. Coupled with dedicated account support, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture.
Namely is used by over 400 clients with over 60,000 employees globally. Headquartered in New York City, the company is funded by Sequoia Capital, Matrix Partners, True Ventures, Lerer Hippeau Ventures, Greenspring Associates, Vayner/RSE, Bullpen Capital, and others. For more information visit www.namely.com and schedule a free personal demo. See today how Namely can help keep your employees engaged and your company growing.
The Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we’ve learned over 40 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. We’re proud that their success also fuels great causes. The vast majority of money we invest is on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic and MIT, which means that the returns generated from the incredible achievements of founders can make a massive difference.