05 Jan, 2017, 07:30 ET
NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Namely, the leading HR platform for mid-sized companies, today announces the close of a Series D round of financing. This $50M round brings the total financing raised to $157.8M and represents the largest venture capital round in the fast-growing core HR technology industry in the past year. New investors Altimeter Capital and Scale Venture Partners lead the round, alongside previous investors, which include Sequoia Capital, Matrix Partners, and True Ventures.
"Namely has built an exceptional HCM product for the mid-market and is well positioned as the industry continues to shift to cloud-based end-to-end solutions," says Nikhil Sachdev, Partner at Altimeter Capital. "Altimeter is excited to partner with Namely and support their continued growth."
In addition, Namely is introducing time management as a core feature on the platform. Namely's time and attendance solution includes both software and hardware to manage hourly employees. By adding time management together with HR, payroll, and benefits, Namely now supports all the core HR needs of mid-sized companies. Hourly workers make up 58.5% of the American workforce, and this new offering is especially impactful for those industries that employ a large number of hourly workers, including healthcare, retail, and manufacturing.
To help employers tackle another key challenge—rising healthcare costs—Namely is also announcing the company's new benefits offering. Namely Health Advantage allows mid-sized companies to offer their employees flexible, high-quality healthcare plans at preferred rates typically available only to larger companies.
"From day one, our mission at Namely has been to create an HR platform that employees love to use," says Matt Straz, Founder and CEO of Namely. "We're proud to fulfill this promise for mid-sized companies. These are the companies driving innovation, and we're fortunate to support them in building better workplaces where their people can do amazing things."
The Series D investment speaks to the company's tremendous growth. To date, Namely supports over 650 clients, representing 120,000 employees and $4B in annual payroll processed. In 2016, the company hired over 100 employees, expanded its New York headquarters to include a product and technology floor, moved into a new office in San Francisco, and opened an office in Austin to better support its fastest-growing region, the central United States.
To support the expansion, Namely has enlisted an experienced leadership team. The company has recently welcomed VP of Product, Brian Crofts (formerly of TurboTax, QuickBooks), Chief People Officer, Nick Sanchez (formerly of LinkedIn, Trulia), and VP of Legal & Compliance, Manuel Martinez-Herrera (formerly of MetLife).
"Namely is truly the leading HR platform for mid-sized companies everywhere," adds Stacey Bishop, partner at Scale Venture Partners. "They've made HR a differentiator for their clients—providing the best possible experience for employers and employees alike. We are thrilled to partner with Namely as they continue to transform the industry."
Namely is the first HR platform that employees actually love to use. Namely's powerful, easy-to-use technology allows companies to handle all of their HR, payroll, and benefits 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 650 clients with over 120,000 employees globally. Headquartered in New York City, the company has raised $157.8 MM from leading investors, including Altimeter Capital, Scale Capital, Sequoia Capital, Matrix Partners, and True Ventures. For more information, visit www.namely.com.
Namely provides employee benefits-related insurance services through Namely, Inc., Namely Employee Benefits, LLC, or other Namely affiliates ("Namely"). Namely is domiciled in Delaware and has its principal place of business at 195 Broadway, 15th floor, New York, NY, 10007. All Namely employees that sell, solicit, negotiate, consult or provide advice about insurance are also appropriately licensed as individual insurance producers in the corresponding states where they perform such activities.
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