Namely Rakes In $50 Million Series D Investment

NEW YORK — Namely, a company operating an HR platform for mid-sized companies, has closed a Series D round of financing. This $50 million round brings the total financing raised to $157.8 million 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,” said 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.”

To date, Namely supports over 650 clients, representing 120,000 employees and $4 billion 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.