Sorted secures £15m to fund expansion
Written by Peter Walker
Global delivery software business Sorted Group has raised £15 million in a Series B funding round led by Merian Chrysalis Investment, alongside Praetura Ventures and NVM Private Equity.
The investment takes the Manchester-based firm’s total funding to more than £35 million since its launch in 2010.
The software-as-a-service (SaaS) business has developed a delivery management platform which allows both physical and digital retailers to effectively manage their delivery and returns proposition.
Funding will provide additional capital to accelerate the pace of technology development and international expansion, as well as increasing employee headcount.
Through the use of Sorted’s proprietary technology, retailers are able to increase conversion rates, reduce abandoned baskets and increase customer loyalty. Sorted has developed three products:
• SortedHERO, an Application Programming Interface (API) allowing retailers to display real-time delivery options at checkout;
• SortedPRO, a delivery management platform for carrier and shipping management;
• SortedREACT, an artificial intelligence (AI) tracking platform that aggregates carrier and delivery communications post purchase.
Sorted’s software now live in 12 countries, including the US, France and Germany. Working with the likes of ASOS, Lush, N Brown, Wincanton and Clipper Logistics, it is pursuing a pipeline of potential retail partners globally.
Founder and chief executive David Grimes commented: “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.”
Richard Watts, portfolio manager at Merian Chrysalis, added: “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.”