Namely, a US-based human resources services platform backed by media company VaynerMedia’s venture capital affiliate, VaynerRSE, has raised $60m in series E funding.
The round was led by GGV Capital and included fellow VC firms Tenaya Capital, True Ventures and Sequoia Capital and private equity firm Matrix Partners.
Namely operates a mobile-first platform through which medium-sized companies can handle human resources tasks such as payroll and staff management.
The funding will go to the development of additional features for the product, such as analytics functionality that will help businesses better understand their workforce, and the signing of additional partnerships.
The round follows the ousting of Matt Straz, a co-founder of Namely and its then CEO, in May this year. The company has not revealed a specific reason, noting only that some of his actions were “inconsistent with that which is expected of Namely leadership”.
Straz was replaced by Elisa Steele, a former chief executive of collaborative software developer Jive Software who had joined the company’s board of directors in 2017, and who led the investigation into Straz’s behaviour.
Namely has now raised approximately $200m in funding. VaynerRSE participated in an $11m funding round for the company in 2015 alongside Matrix Partners, which led the round, True Ventures, Lerer Hippeau Ventures and Greenspring Associates.
VaynerRSE had already backed a $4.7m round for Namely in 2014 that included True Ventures, Lerer Hippeau and Bullpen Capital, and a $3.4m series A round in 2013 led by True Ventures with participation from Bullpen and assorted angel investors.