Manchester tech firm raises £15million in Series B funding
Manchester delivery tech firm, Sorted, has continued its fundraising, with a further £15m announced this morning.
It takes the total investment raised to date to more than £35m - £30m of which has arrived in the last few months.
The Series B funding round was led by Merian Chrysalis Investment Company Limited (Merian Chrysalis), alongside Praetura Ventures and NVM Private Equity LLP.
“The delivery management sector is ripe for disruption and we believe Sorted has emerged as the only credible, global challenger to the current market-leader,” explained Richard Watts, Portfolio Manager, Merian Chrysalis.
We are excited to provide David [Grimes, Founder & CEO] and the team with the growth capital required to continue developing truly innovative technologies and expand internationally.’’
The cash injection will be used to “accelerate the pace” of its technology development, expand overseas and employ more staff.
“We first invested in Sorted in 2013 and are delighted with the progress the business has made over the last six years as it has developed its tech platform and won a number of tier one retail clients,’ said Mike Fletcher, Chairman of Sorted and Group CEO of Praetura.
“Securing this £15m Series B fundraising will allow the business to continue its rapid growth and we look forward to working alongside the Merian Chrysalis team in supporting the business as it scales.”
The software as a service (SaaS) company’s platform allows both physical and digital retailers to manage their delivery and returns. This helps them raise conversion rates, reduce abandoned baskets and increase customer loyalty, It works with firms including ASOS, Lush, N Brown, Wincanton and Clipper Logistics.
“Sorted is rewriting the rules when it comes to delivery, and we’re delighted to be pushing forward with our global growth. The backing from these high-profile investors is testament to the size of the opportunity in front of us. This is a really exciting time as we work harder and faster, partnering with the most innovative retailers in the market,” said Grimes.