NEW YORK, November 4, 2014 – Namely, the cloud-based, human capital management platform, announced today the closing of a $12 million Series B fundraise led by Matrix Partners, with follow on investments from True Ventures, Lerer Hippeau Ventures, and Bullpen Capital. To date, Namely has raised $22 million. With this additional funding, the New York-based startup will further invest in the platform's core features including HRIS, Performance Management, and Payroll as well as enhance their Client Success team to continue offering the highest level of client service in the industry. In addition, Namely will establish a major office presence in New York's Financial District next year.
“This past year has brought exponential growth for Namely and I am proud to call us the fastest growing enterprise startup in NYC” said Matt Straz, founder and CEO of Namely. “Monthly sales have increased more than 16x over the last eight months and our headcount has tripled. With this new funding we are excited to continue growing both our company and product offerings.”
With this investment, David Skok, General Partner at Matrix Partners, has joined Namely’s board. "I believe that Namely is the next generation HR platform that companies are looking for. They have combined the key functionality needed (payroll, benefits, HRIS, performance management, employee engagement, etc.) with a superb user interface that brings the 'Uber experience' to employees and managers that use the system," said David. "As a result of that, the company is seeing an incredible acceleration in bookings that we see only very rarely in SaaS companies at this stage. We look forward to working closely with Matt and team to help Namely continue to scale."
Today, Namely boasts over 150 clients and more than 20,000 employees using the platform around the world. In June, Namely added payroll, benefits administration, and time management to their growing platform. With this expansion, users can now oversee the entire human capital management process in a single, unified database. HR administrators can increase efficiency with Namely’s robust HRIS, performance management, time off tracking, team planning, and integrated reporting across their HCM, payroll, and benefits information.