Namely, the all-in-one platform for cloud-based HR software, announced a $50 million Series D today.
While the HR tech market is crowded, and growing at a rapid clip, Namely sets itself apart as a one-stop-shop for HR, payroll and benefits for ‘middle-market’ companies, meaning small to medium-sized businesses with 50-2,000 employees.
“I’m most excited about further advancements in functional tools, like payroll, time management, and benefits enrollment—particularly for mid-sized companies,” said Namely CEO and Founder Matt Straz. “For far too long, HR technology vendors have ignored this growing segment of companies, forcing them to use technology that either can’t scale as they grow or is too large to configure for their needs. That is why Namely has raised this round to provide a best-in-class HR, payroll, benefits, and time management platform for the 650-plus companies we support.”
Namely is unique in that it benefits more than just an HR department. While most employees touch HR software twice a year — once to download a W2 form and once during the open enrollment period — three-quarters of Namely users access the product once a month, if not weekly or daily.
To date, Namely has over 650 clients, including New York-based startups such as Techstars, Optimizely, 1stdibs and Spongecell. The new funding brings Namely's total capital raised to $158 million.
“With this new financing, Namely is investing further in creating the best HR platform for mid-sized companies,” said Straz. “We are committed to helping HR leaders across the country build better workplaces. By offering time management alongside HR, payroll, and benefits, Namely now directly provides everything mid-sized companies need to easily manage both salaried and hourly workforces.”
The round was led by new backer Altimeter Capital, a Menlo Park-based firm whose portfolio includes giants like MongoDB, HubSpot and Airbnb, and Scale Venture Partners. Previous investors Sequoia, Matrix Partners, True Venture, Greenspring and Four Rivers also participated in the round.
Know of a company that deserves coverage? Let us know or tweet us @builtinnewyork.
