HR and payroll platform Namely adds $50m to Series D round

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fintech insurtech wealthtech regtech ai cybertech esg news

SaaS HR firm Namely is adding another $50m to its Series D bringing the round’s total to $80m.

The investment was led by Altimeter Capital and Scale Venture Partners with existing backers Sequoia Capital, Matrix Partners, True Ventures, Greenspring and Four Rivers also participating.

The New York-based company offers an HR, payroll and benefits platform to mid-market companies.

It aims to utilise data science and algorithms to power its features.

Since launching in 2012 the company claims to have attracted 650-plus clients, accounting for more than 120,000 individual users.

It says more than $4bn now flows through the platform annually in payroll.

The company reportedly avoided a down round and raised the capital at a higher valuation than when it closed its Series C round in June 2015.

It has not disclosed what that valuation is but CEO and founder Matt Stratz says it will be the last round the firm raises before heading to an IPO at a billion-dollar-plus valuation.

In addition to the new funding the company is announcing two new products focussed on time management and health benefits.

Namely’s time management platform is targeted at hourly workers offering employers software and hardware for employees to clock in with.

The company says this will help it to expand around the central and southern US where more businesses depend on shift workers.

Namely is also introducing a product to help SMEs access the same health care benefit options as larger employers.

The Namely Health Advantage product aims to offset risk and reduce the cost of delivering healthcare insurance by pooling companies together.

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