Investors Continue Pouring Money Into HR Technologies
March 14, 2016 – Namely, an all-in-one HR software platform, has raised an additional $30 million in funding led by existing investor Sequoia with support from Matrix Partners, True Ventures and Greenspring Associates. The funding follows Namely’s Series C round last June and brings the total funding raised to $107.8 million.
The Affordable Care Act (ACA) and rapidly changing regulations at local, state, and federal levels have forced companies to prioritize compliance. Namely unifies HR, payroll, and benefits in one platform, enabling its clients to automate ACA reports and to satisfy complex payroll and benefits regulatory requirements.
With its additional funding, Namely will continue to invest in its core HR, payroll, and benefits technology and operations, remaining focused on helping companies streamline their end-to-end HR process, address evolving regulatory challenges, and increase employee engagement. It will also expand its integrations, enabling companies to better manage employee data across their HR and finance systems.
“The amount of regulatory complexity facing HR has grown tremendously in the last year, and we expect that trend to continue in 2016,” said Matt Straz, founder and CEO. “At Namely, we make it much easier for HR leaders to manage compliance, so they can spend their time on strategy, engagement, and developing people.”
Investors see Namely as an expanding platform, both in services and ROI, said Scott A. Scanlon, founding chairman and CEO of Hunt Scanlon Media in Greenwich, Conn. “Namely puts HR administration in a box, if you will, freeing up those in charge of human capital and talent acquisition planning to focus more on things like onboarding, engagement and culture.” Pat Grady, a partner at Sequoia, said: “We’re thrilled to deepen our commitment to Namely, and to support the team in taking HR into the 21st century.”
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Namely is now used by over 400 clients with over 60,000 employees globally. Headquartered in New York City, the company is funded by Sequoia Capital, Matrix Partners, True Ventures, Lerer Hippeau Ventures, Greenspring Associates, Vayner/RSE, Bullpen Capital, and others.
Companies investing in HR technology have continued to make headlines in recent months:
- CoreHR, a provider of cloud-based human capital management and payroll software, recently received an investment from JMI Equity, a growth equity firm focused on investing in software and services companies, and JMI Services LLC, which is the family investment company of John J. Moores.
CoreHR offers cloud based, enterprise HCM and payroll solutions, which deliver an integrated platform to manage both transactional and transformational HR for organizations that range from a thousand to several hundred thousand employees. The firm’s solution encompasses the entire employee lifecycle from ‘hire to retire’ — including recruitment and onboarding, payroll and compensation, and workforce and talent management.
‘’This investment will help us to continue our expansion across the U.K., Ireland, and other markets,” said John Goulding, CoreHR CEO;
- Randstad Holding confirmed it is leading a seed financing in Focus Orange Technology. The investment is centered around the development of Crunchr, Focus Orange’s analytics platform. Crunchr collects, validates and consolidates people data into meaningful insights around strategic workforce planning, succession, talent management and employee preferences.
Crunchr was recognized by consultant Gartner as ‘Cool Vendor in Human Capital Management 2015’ in a recent report;
- Talentsoft, a global, privately held leader for cloud-based talent management solutions, completed a funding round of $27 million four months ago. The round was led exclusively by Goldman Sachs’ merchant banking division. The new funding round is being used to support Talentsoft’s strategic international growth.
The company’s software application suite provides an end-to-end talent management solution, ranging from recruiting to learning, and from compensation to performance management. Its clients include Air France, Arkadin, Bata, Bolloré, Bouygues, Bull, Clarins, Dassault, DB Schenker, Delta Lloyd, EasyCash, Elior, Euromaster, Galeries Lafayette, Geneva Airport, Ingenico, Mazars, McDonald’s, Pernod Ricard, Randstad, Safran, Swarovski, Toys ’R’ Us, Vinci, Ziggo and Zodiac Aerospace.
Contributed by Scott A. Scanlon, Editor-in-Chief, Hunt Scanlon Media
