This morning, the Cloud-based human resources platform Namely announced that it has closed a $12 million round of Series B funding led by Matrix Partners. This brings the company’s total amount of funding to $22 million.
Other participants in this round of financing include True Ventures, Lerer Ventures, and Bullpen Capital. As part of this round, David Skok, General Partner at Matrix Partners, will join Namely’s board.
Founded in 2012, the New York City, NY- based Namely has grown to become one of the leading Cloud-based platforms for managing human capital. Whether it’s dealing with payroll or navigating benefits, the company’s end-to-end HR platform offers a solution that is not only comprehensive, but simple enough for both employees and managers to use.
Since its founding, the company has had more than 22,000 employees – from more than 150 companies across 20 countries – use the HR platform. In the last 7 months alone, monthly sales for Namely have increased more than 10 times, with its very own team growing threefold to 50 employees in the past year.
According to the company, this financing will enable Namely to expand its sales, marketing, and engineering teams, as well as to help establish a more prominent presence in the NYC through the creation of a 25,000 square-foot space in the Financial District.