The company more than doubled its customers last year and enjoyed record quarters to close out 2016, he says. While Namely is not yet profitable, Straz says he's subscribed consistently to the approach of not pursuing "crazy" valuations or over-spending. "And then it's been an even-handed approach with what we've layered on." "The core HR product I think is well respected and well regarded," says Straz. It integrates with other companies in some areas related to HR, such as Greenhouse Software, but takes an end-to-end approach that bets that companies want one primary home for their HR professionals.
#ZENEFITS VS NAMELY SOFTWARE#
While some business-to-business software companies specialize on doing one thing well, Namely is something of a hybrid. Valued at an estimated $250 million after raising $30 million from Sequoia Capital in February 2016, according to data from Pitchbook, Namely's newest raise increased its valuation into the mid-hundreds of millions, Straz says. So Namely continues to raise tens of millions from venture capitalists, adding $50 million in December from Altimeter Capital and Scale Venture Partners to close out its most recent Series D round. Namely's CEO doesn't want his company to sit around and wait for that to happen. "So to catch up to us, it would probably take a couple years." "The mid-sized companies have been largely ignored in all this," says Straz.
Flying under their sizzle, Namely has quietly attempted to dominate the market of medium-sized businesses and their HR needs. Challenger Gusto has stepped into the fray as a leading Zenefits challenger targeting small businesses. Zenefits has gotten most of the headlines in the category on its rollercoaster from hottest startup of 2014 to last year's resignation of its founding CEO, legal setbacks and ties to the incoming Trump administration.
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