Manchester SaaS company secures $15m investment
Manchester-based global SaaS company Sorted has successfully completed a fundraising round worth $15 million (£10.8 million), including $7 million (£5 million) from existing funder Chrysalis Investments.
The delivery experience providers marked a record year in 2020, recording a 100% increase in shipment volume against 2019, and in January 2021 saw a 243% growth through its SaaS platform in comparison to the same period in 2020.
Sorted's technology powers dynamic checkouts, delivery management and delivery tracking around the world. In 2020 it won in three categories at the Digital City Awards, including eCommerce Company of the Year. The solution is now available in 17 countries, utilised by brands like ASOS, French Connection, Mountain Warehouse, Mulberry and Missguided.
The successful year has seen Sorted grow its team despite the worldwide conditions, appointing a new CTO, Marketing Director, Finance Director, Head of Sales Operations and Head of Solutions Architecture.
David Grimes, Founder & CEO of Sorted, said: “This investment comes at exactly the right stage of our journey, following a year which has seen more retail opportunities and challenges than any other in the history of ecommerce. Digital transformation has been driven at incredible speed, and I’m proud of how our team at Sorted has stepped forward to support an industry undergoing such tremendous change.
"This significant investment will continue our work in enabling brands to pivot and offer customers a five-star customer experience regardless of challenges in the retail landscape. We’re thrilled to see our investors back our goal to shake up the delivery and logistics sector, with our sights now set on expanding the same service and quality across the global stage.”
$7 million of today's funding comes from Chrysalis Investments, which was part of a series B funding round in 2019 which saw Sorted secure £15 million from backers including Chrysalis, Praetura Ventures and NVM Private Equity LLP.
Richard Watts, Fund Manager at Chrysalis Investments, said: “We are delighted to provide Sorted with additional capital which will enable them to execute their ambition growth strategy. The recent pandemic has accelerated channel shift and Sorted are well placed to benefit from this trend, evidenced recently by some very exciting enterprise customer wins.”
Recent client wins in the past year have included Asda and Music Magpie.