March 1, 2016
Namely, the New York based all-in-one HR software platform has announced the successful raise of a $30 million venture round. The company plans to use the new their latest round of funding to bolster their products and services, and expand their team.
Led by their existing investor Sequoia, they are joined by Matrix Partners, True Ventures, and Greenspring Associates. In addition to the new venture funding, Namely is expanding to Austin, Texas where they will house a new sales team. The company already has a presence in both New York and San Francisco.
Namely is an HR platform that allows companies to have an external HR team, manage payroll, offer benefits, and manage candidates. The company currently processes more than $2.5 billion in annual payroll for their clients, which are mid-market sized organizations. In the past year Namely reportedly doubled their client roster, and improved their core technology to align with increasingly strict compliance rules and regulations.
“The amount of regulatory complexity facing HR has grown tremendously in the last year, and we expect that trend to continue in 2016,” said Namely Founder and CEO Matt Straz. “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.”
The Affordable Care Act continues to affect regulations across the board, which is where organizations like Namely shine. On top of their platform, they also focus heavily on compliance changes.
“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 Sequoia Partner Pat Grady. “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.”
To date, Namely has raised a total of $107.8 million in outside funding. Their latest round closed last June and was also led by Sequoia.
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