Global delivery software business Sorted Group (Sorted) has raised £15 million in a Series B funding round led by Merian Chrysalis Investment Company Limited alongside Praetura Ventures and NVM Private Equity LLP.
The new investment takes the firm’s total funding to more than £35 million since its launch in 2010.
Manchester-based, global software as a service (SaaS) business, Sorted, has developed a delivery management platform which allows both physical and digital retailers to effectively manage their delivery and returns proposition. The funding will provide the business with additional capital to accelerate the pace of their 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.
David Grimes, founder and CEO, Sorted, said: “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.”
Richard Watts, portfolio manager, Merian Chrysalis, commented: “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. We are excited to provide David and the team with the growth capital required to continue developing truly innovative technologies and expand internationally.’’
Source: Post and Parcel