Namely, a cloud-based management platform for advertising, media and technology companies, has raised $750,000 in funding. Lerer Ventures, the New York-based venture capital fund, led the round. Also participating was Bullpen Capital, a venture fund based in Menlo Park, California.
We spoke with Namely CEO and founder Matt Straz about the investment and the rapid progress the company has made since launching earlier this year.
The Makegood: Why did you conduct a round of financing at this time?
Namely is now in use by agencies from 3 out of the 4 top holding companies to manage their teams and people. We are also are seeing adoption among a number of key media and ad tech companies. This was the right time to add resources and begin to scale the business.
The Makegood: Why did you go with Lerer Ventures and Bullpen Capital?
Both firms are led by highly respected founders and each of them immediately understood what we were trying to do. Also, we loved the fact that Lerer Ventures, the lead firm, was based in New York and committed to local startups.
The Makegood: What is the most important thing that you have learned since launching the company?
Being part of a great team is the most important factor to employee happiness. Compensation, benefits and perks like free food are often secondary factors. Clients have confirmed this repeatedly through their internal surveys.
As a result, Namely is squarely focused on giving organizations the tools they need to manage and build great teams. Our goal is to develop a platform that is so elegant and easy to use that operating a talent-driven company without it would be unimaginable.
The Makegood: Can Namely use data from other HR systems?
Yes. Traditional HR systems like payroll, timesheets, applicant tracking and performance appraisals each house valuable data. Namely analyzes all of that data, makes it visual and easy to understand, and then provides real-time access to it for key stakeholders across the organization.
The Makegood: What are some examples of how Namely helps companies create better teams?
If a CEO wants to see which teams are the most profitable, she can see that thanks to the real-time data analysis provided by the platform. If a manager needs create a team for new business pitch, with Namely he can instantly see which people have the right skills across the organization and who is currently available. If a new employee wants to see who she is working with and how to best connect with her team members, she can get that through Namely.
The Makegood: Enterprise software pricing is often complicated and usually involves long-term contracts. Why did you opt for a simpler and more transparent approach?
If you truly believe in your product then you shouldn’t have to rely on long-term contracts to lock customers in. That’s why we offer simple, pay-as-you-go pricing based on the number of employees on the system each month.
The Makegood: What is next for Namely?
We have a very exciting product road map ahead of us. Namely will become even more capable in the months to come and we will be developing new tools to further measure the performance of teams and people.
The Makegood: Thanks, Matt.