Namely secured $60m in funding, appoints Elisa Steele as CEO

Namely, a HR and payroll service provider, has secured $60m in funding and appointed former Jive Software CEO Elisa Steele as its new CEO.

The capital injection was led by new backer GGV Capital, while first time investor Tenaya Capital also supplied some capital. Other contributions to the round came from Sequoia Capital, Matrix Partners, True Ventures, and Scale Venture Partners.

Founded in 2012, the New York-based company provides enterprises with HR and payroll tools to streamline manual processes. Payroll teams can utilise the platform to automate deductions and simplify tax filings. Alongside this, users can access ACA reporting and year-end reporting, ensuring that everything is completely compliant.

Employers can also use Namely to give their staff access to a variety of benefits to help build stronger relationships. Through the solution, users can access health insurance, tax savings, telehealth, pensions, life and disability insurance, and gym memberships, among others.

Over the past 12 months, the company opened two new offices in Atlanta and Los Angeles. During this period Namely also reached an annual recurring revenue of $50m and surpassed a client base of 1,000.

GGV Capital managing partner Jeff Richards said, “We are thrilled to lead this growth round, which is one of the largest in the HR technology industry over the past year. I have known Elisa for many years and am honoured to have the opportunity to partner with Namely under her leadership.”

Last year, Namely closed its Series D round on $80m after the company received a follow-on equity financing. The company received a $50m series extension at the start of last year, from backers including Altimeter Capital and Scale Venture Partners.

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