NEW YORK--(BUSINESS WIRE)--Namely, the leading HR software platform for growing companies, announced today that it has partnered with Sequoia and raised $45 million in Series C funding. Matrix Partners, True Ventures, Lerer Hippeau Ventures, and Greenspring Global Partners also participated in the round. The company has raised a total of $77.8 million to date and increased its valuation 9x over the last 12 months.
In the last year, Namely has expanded its platform to help clients more easily manage all of their HR needs. In June 2014, the company successfully launched payroll for clients across the country. Less than a year later, Namely is now processing more than $1 billion in annual payroll, making it the fastest growing payroll provider ever and further demonstrating the value clients see in an integrated HR solution. In March, Namely further built out its offering by adding benefits to become the first comprehensive HR platform to serve as a nationwide benefits broker.
“Great people power growing companies. Our goal at Namely is to help exciting small- and mid-sized companies grow by more effectively managing the resource most critical to their future success: their people,” said Matt Straz, founder and CEO of Namely. “Traditionally, these companies have been priced out of comprehensive HR, payroll, and benefits solutions. We’re proud to offer growing businesses one platform for all of their HR needs because every company, regardless of its size, deserves the tools to scale a world-class team.”
More companies than ever are capitalizing on Namely’s user-friendly platform. In 2014, the company grew sales by more than 700 percent. As the company has expanded, providing great client service has remained Namely’s top priority. 97 of every 100 customers renew with Namely and they grow their business over time. More than 60% of clients now use more than one component of Namely’s HR, payroll, and benefits offering.
"Namely sets itself apart with unparalleled customer service and an intuitive product that scales with your company," said Pat Grady, Namely board member and partner at Sequoia. “We’re thrilled to partner with Matt and his team as they up-level HR from back-office administration to front-office employee empowerment.”
Namely will use its new capital to further expand its reach, deepen its product, and build out its talented team. Today, the company announced that it has opened a new San Francisco office and plans to increase its footprint in New York City as well, moving into a new, larger headquarters later this year with a 500-person capacity.
Namely also announced the appointment of Debra Squyres to Vice President of Client Services. Debra, who joins Namely this month after spending seven years at TriNet, where she was Executive Director of Human Capital Services, will further strengthen Namely’s service capabilities as part of the company’s commitment to providing both great software and great service for its clients.
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 250 clients with over 40,000 employees. Namely is headquartered in New York City, and is funded by Sequoia Capital, Matrix Partners, True Ventures, Lerer Hippeau Ventures, Greenspring Global Partners, Vayner/RSE, 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.
The Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we’ve learned over 40 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. We’re proud that their success also fuels great causes: since 2000 alone we have returned more than $10 billion to non-profits like the Ford Foundation, Mayo Clinic and MIT.