Namely, which offers payroll, talent management, and other HR capabilities to mid-sized firms in the U.S. through a subscription, has been hailed as one of New York's startups to keep an eye on. Even major investors such as True Ventures and Lerer Hippeau have had good things to say after funding early rounds for the company.
Last year, Forbes included the company on its list of 100 top cloud startups.
The abrupt firing of the company’s co-founder and CEO, Matt Straz, back in May, cast a bit of a cloud over the company. Straz, who’d built the company from the ground up, was let go following an investigation into actions “inconsistent with that which is expected of Namely leadership,” the company told employees at the time.
In a series of calls with investors yesterday, none would elaborate on Straz’s alleged behavior, preferring to reiterate the company’s earlier talking points. (We weren’t able yesterday to reach Straz, who has deleted his LinkedIn account and seemingly abandoned Facebook for now.)
Still, credit is due for moving Namely forward more quickly than at other HR startups that — coincidentally and strangely — have also parted ways with their founding CEOs over HR issues. (Think Zenefits and BetterWorks.)
In fact, the board member who led the investigation into Straz, longtime Silicon Valley executive Elisa Steele, was just appointed as Namely’s permanent CEO. Steele seems to have hit the ground running, too, judging by her first task, which was to help the company raise more money. Indeed, today, Namely is announcing $60 million in new funding led by GGV Capital.
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