Namely, a cloud-based human capital management platform, has raised $4.7 million in additional financing, bringing its total raised to date to about $10 million and garnering a valuation of about $21.4 million. The new investment comes from True Ventures, Lerer Ventures, Bullpen Capital and VaynerRSE, all of which contributed to the company's Series A financing in June 2013.
With the additional funding, the New York-based startup is launching payroll, benefits administration and time management solutions throughout the U.S. Namely helps HR administrators increase efficiency through its performance management, time off tracking, team planning and integrated reporting offerings. Businesses can utilize these services across their HCM, payroll and benefits information. Over 100 clients and more than 15,000 employees use Namely's platform around the world, including major brands like Mashable, Warby Parker, Hailo and Birchbox, among others.