Namely has raised $3.35 million from True Ventures to help businesses stay on top of their “people management.”
The startup provides an enterprise platform for businesses to conduct human resources activities. Using Namely’s HR Information System (HRIS), they can store and track data about employee reviews, time off, compensation, work history, and set goals. Namely has built tools to make assignments, customize specific permissions to data, and link assignments to individual and team performance reviews.
Hiring and keeping the best talent is an ongoing battle in the tech world, and Namely also offers recruiting tools. The product involves a search engine so organizations can find the right internal person to take an open position or fill a new one. The whole system is meant to optimize efficiency and performance.
Namely founder Matt Straz previously cofounded Pictela, a digital advertising platform that was acquired by AOL in 2010 for an estimated $20 million. He observed how advertising agencies struggled to attract the designers and developers they needed to create rich media campaigns, and Namely was initially created to help agencies stay competitive in the battle for talent with tech startups. It raised a $1.75 million seed round in 2012 from Lerer Ventures, Bullpen Capital, and big names in New York’s media/ad-tech scene, including Mike Lazerow from Buddy Media and Michael Barrett of AdMeld to expand beyond advertising.
Namely has since broadened its horizons and now works with tech startups like BuzzFeed, Birchbox, Thrillist, as well as agencies including Saatchi & Saatchi, MediaLink, GroupM, VaynerMedia, and Rockfish. It also focuses more on management than talent acquisition and competes with companies like Trinet, TribeHR, and 7Geese, as well as recruiting and applicant-tracking startups.
Namely supports international currencies (for paying people) and is available on iOS and Android. It is based in New York. This round brings its total capital raised to $5.25 million.
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