Namely, a NYC-based HR platform for mid-sized companies, raised $50M in Series D financing.
Backers included new investors Altimeter Capital and Scale Venture Partners and previous investors Sequoia Capital, Matrix Partners, and True Ventures.
The company, which has raised $157.8M in total financing, intends to use the funds to continue to expand its offerings and operations.
Led by Matt Straz, Founder and CEO, Brian Crofts, VP of Product, Nick Sanchez, Chief People Officer, and Manuel Martinez-Herrera, VP of Legal & Compliance, Namely provides an HR platform for companies to handle all of their HR, payroll, and benefits in a single place as well as dedicated account support. In addition, the company is introducing time management as a core feature, which includes both software and hardware to manage hourly employees, and is announcing a new benefits offering, Namely Health Advantage, which allows mid-sized companies to offer their employees healthcare plans at preferred rates.
Namely’s service is now used by over 650 clients with over 120,000 employees globally and $4B in annual payroll processed.
In 2016, the company hired over 100 employees, expanded its New York headquarters, moved into a new office in San Francisco, and opened an office in Austin.