Total amount raised
$217.8 Millions
Latest funding date
08/01/2018
Location
Namely has successfully raised funds through multiple rounds, with the last being a Series E round, and has garnered the support of 26 investors, including Scale Venture Partners and Tenaya Capital. The company was acquired by PrismHR on September 6, 2022, marking a significant milestone in its journey.
Namely's platform offers a comprehensive suite of HR solutions, including payroll, benefits administration, and compliance, designed to streamline HR processes and enhance employee experiences. Keep reading to explore the intricacies of Namely's fundraising journey and the investors backing this innovative platform.
What Is Namely?
Namely, founded on January 17, 2012, is an all-in-one HR platform based in New York, New York. The company was established by Matt Straz and operates within the enterprise software, human resources, and SaaS industries.
With an employee count ranging from 1001 to 5000, Namely offers a comprehensive suite of HR solutions, including payroll, benefits administration, and compliance. The platform is designed to streamline HR processes and enhance employee experiences.
How Much Funding Has Namely Raised?
- Angel Round
- Amount Raised: $1M
- Date: January 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial HR platform.
- Seed Round
- Amount Raised: $750K
- Date: October 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A
- Amount Raised: $3.4M
- Date: June 2013
- Lead Investors: True Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase market reach.
- Seed Round
- Amount Raised: $4.7M
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and support customer acquisition.
- Series B
- Amount Raised: $12M
- Date: November 2014
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the sales and marketing efforts and improve the platform's capabilities.
- Venture Round
- Amount Raised: $11M
- Date: March 2015
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the platform's features.
- Series C
- Amount Raised: $45M
- Date: June 2015
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand product offerings.
- Venture Round
- Amount Raised: $30M
- Date: February 2016
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and support customer growth.
- Series D
- Amount Raised: $50M
- Date: January 2017
- Lead Investors: Altimeter Capital, Scale Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the existing business and expand into new products, including timekeeping and hardware for hourly workers.
- Series E
- Amount Raised: $60M
- Date: August 2018
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and support further expansion.
Total Amount Raised: $267.85M. Current Valuation: Not publicly disclosed.
Key Investors
- Scale Venture Partners
- Details: Scale Venture Partners is a venture capital firm that invests in early-in-revenue technology companies. They focus on helping companies scale and achieve market leadership.
- Investment Focus Areas: Enterprise software, SaaS, cloud computing, digital health.
- Notable Investments: Box, DocuSign, HubSpot.
- Tenaya Capital
- Details: Tenaya Capital is a venture capital firm that invests in high-growth technology companies. They have a strong track record of supporting companies through various stages of growth.
- Investment Focus Areas: Technology companies, software, internet sectors.
- Notable Investments: Eventbrite, Zuora, Palo Alto Networks.
- Altimeter Capital
- Details: Altimeter Capital is an investment firm focused on technology, software, and internet sectors. They aim to partner with visionary entrepreneurs to build iconic companies.
- Investment Focus Areas: Technology, software, internet, consumer sectors.
- Notable Investments: Snowflake, Unity Technologies, Roblox.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm known for its investments in some of the world's most successful technology companies. They provide support from seed stage to IPO.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Apple, Google, WhatsApp.
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that invests in early-stage technology companies. They have a history of backing innovative startups and helping them grow.
- Investment Focus Areas: Software, internet, mobile sectors.
- Notable Investments: HubSpot, Zendesk, Oculus.
What's Next for Namely?
Namely stands at the cusp of significant growth opportunities, particularly in expanding its product offerings to include timekeeping and hardware for businesses with hourly workers. The company is also poised to capitalize on the increasing adoption of cloud-based HR solutions, targeting mid-sized companies and expanding geographically, especially in the central and southern U.S.
Future fundraising opportunities appear promising, with Namely's CEO suggesting that the company is nearing a valuation of $1 billion and may soon go public. This potential IPO could provide the necessary capital to further enhance their platform and support continued expansion.
However, Namely faces challenges such as intense competition from established players like ADP and the need to maintain compliance with evolving regulatory requirements. Managing sustainable growth while aiming for profitability will be crucial as the company navigates these hurdles.
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