Namely Raises $60M
Earlier this week, Gusto announced a $140m Series C round. Today, Namely, the HR platform for mid-sized companies, is announcing a $60m growth round, bringing its total funding to date to $217.8m. The round was led by GGV Capital, with participation from existing investors that include Sequoia Capital, True Ventures, Matrix Partners, and Scale Venture Partners. The company also announced Elisa Steele as the new CEO, after firing founder and CEO Matt Straz back in May following an investigation into actions “inconsistent with that which is expected of Namely leadership.”
Namely, which is also a licensed insurance agency, provides an all-in-one HR platform including payroll, benefits, time management, and other related services. The company targets companies with employees in the range of 20-2,000 and it currently serves over 1k clients.
“Throughout my career, I’ve seen firsthand how leadership has the power to transform workplaces for the better. Namely is the leading all-in-one HR platform in the mid-market for a reason—it empowers HR, enables employees, and drives strategy at the leadership level. Today, we serve over 1,000 clients with our best-in-class software solution. This strong market position enables us to seize the vast opportunity across mid-sized companies who have traditionally been underserved in the market.” – CEO of Namely, Elisa Steele.
“Serving alongside Elisa on Namely’s board, I have already seen her make a tremendous impact. Namely is addressing a critical challenge: companies must fight to retain the best talent. It is key to provide employees with the same seamless technology experiences that they enjoy as consumers in their workplace applications. That’s one of many areas where Namely excels and why it will continue to grow.” – General Partner at Matrix Partners, David Skok.
“We are thrilled to lead this growth round for Namely along with many of the top investors in SaaS. We also could not be more excited to back Elisa Steele, whom we have known for many years and believe is one of the top executives and board members in the technology industry.” – Managing Partner at GGV Capital, Jeff Richards.
“Since partnering in 2015, we have seen Namely establish itself as the data-driven, people-centric platform of choice for mid-market HR. We have long admired Elisa, and we are confident that her expertise will drive Namely’s continued growth and success.” – Sequoia partner and Namely board member, Pat Grady.