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Namely Raises $11M

2015-03-09
NEW YORK, NY, Leading HR software platform for high-growth companies, today announced an investment of $11 million led by Matrix Partners.
Namely, the leading HR software platform for high-growth companies, today announced an investment of $11 million led by Matrix Partners with additional funding from True Ventures, Lerer Hippeau Ventures, Greenspring Global Partners and Vayner/RSE. This capital comes as a follow-on to Namely's Series B round at the end of 2014, a year of record growth in which the company grew sales more than 700 percent and quadrupled its client base.

Namely allows fast-growing small- and mid-sized companies to manage all of their HR and payroll needs on a single platform. With this latest funding, Namely has added benefits to its offering, giving clients the opportunity to grow more efficiently by streamlining all of their human capital management functions.

Namely is the first comprehensive HR software platform to also serve as a nationwide benefits broker. Consolidating HR, payroll, and benefits tools is especially important today as recent healthcare reform has brought these departments closer together than ever before. Namely is licensed to offer medical, dental and ancillary benefits across the country.

'We started Namely to help fast-growing companies manage people more effectively so they can focus on what they do best: building their businesses,' said Matt Straz, founder and CEO of Namely. 'Giving our clients access to benefits using the Namely platform will make it even easier for them to take better care of and retain their great employees, and that's critical to sustain growth.'

By bundling these HR services, Namely is also able to make them available to an underserved group of small and growing businesses. These companies - which have traditionally been priced out of major HR, payroll, and benefits software - now have access to an affordable, comprehensive platform to manage all of these functions for the very first time.

'The way that businesses are run has changed immensely in recent years, and yet HR is one function that hasn't evolved in lockstep,' said David Skok, General Partner at Matrix Partners. 'With an intuitive platform that thousands of employees at companies around the world enjoy using, we believe Namely can transform the space as the industry leader in managing the workforce of the future.'

With this latest funding, Namely has closed $27.7 million in just nine months, bringing its total amount raised to $32.8 million. In the last 90 days, the company has doubled its employee base, which more than tripled in 2014. Founded in 2012 in New York City, Namely has more than 200 clients and serves more than 30,000 employees of the world's most exciting companies.

ABOUT NAMELY

Namely is the leading HR platform for the world's most exciting companies. Namely offers a modern suite of HR tools across payroll, benefits, HR information, and talent management, and its software is used in 20 countries by over 200 clients with over 30,000 employees. Namely is headquartered in New York City, and is funded by Matrix Partners, True Ventures, Lerer Ventures, Bullpen Capital, and others. For more information visit www.namely.com and schedule a demo to see how Namely can change the way your business and its employees work together and grow.
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