Sequoia Capital leads $45m funding round for NYC’s Namely human resources platform


software binary code computerSequoia Capital, the Menlo Park, California-based venture capital firm, led a $45m Series C funding round for the rapidly-growing New York City-based human resources platform Namely. 

Matrix Partners, True Ventures, Lerer Hippeau Ventures and Greenspring Global Partners also participated in the round, according to a statement issued by Namely on Thursday.

Separately, Namely said it had hired Debra Squyres as vice president of client services, and that it has opened a new office in San Francisco.

Sequoia, which said it has raised a total of $77.8m to date and increased its valuation nine times over the last 12 months, is known for its track record of backing winning companies. It boasts that companies backed by Sequoia at some point in their corporate history account for more than 20% of the total value of the NASDAQ’ exchange. Its slogan is “the entrepreneurs behind the entrepreneurs”.

Namely provides human resources tools used by companies in 20 countries currently, although it is looking to increase its global presence. (In 2014, it says  it saw its sales grow by more than 700 per cent.) These tools help companies handle their payroll, benefits, HR information and talent management tasks.  In March, the company added benefits management facilities.

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