16th August 2019 – Manchester, UK – Leading global delivery software business Sorted Group (Sorted) has raised £15 million in a Series B funding round led by Merian Chrysalis Investment Company Limited (Merian Chrysalis), alongside Praetura Ventures and NVM Private Equity LLP. Today’s 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. Sorted has developed three highly innovative products:
• SortedHERO, an application programming interface solution allowing retailers to display real-time delivery options at checkout
• SortedPRO, a ground-breaking delivery management platform for carrier and shipping management
• SortedREACT, a powerful AI-driven tracking platform that aggregates carrier and delivery communications post purchase.
Sorted is one of the UK’s fastest growing tech companies, with its software now live in 12 countries, including the US, France and Germany. Working with a number of leading companies including ASOS, Lush, N Brown, Wincanton and Clipper Logistics, Sorted is continuing to develop its disruptive technology, while pursuing a strong pipeline of potential retail partners globally.
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.’’
Mike Fletcher, Chairman of Sorted and Group CEO of Praetura, said: “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. 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.”
Montana Gerry, W Communications, on behalf of Sorted
About Sorted Group
Sorted is refreshingly agile and data-driven delivery software – powering dynamic checkouts, delivery management and delivery tracking around the world. Through partnerships with some of the biggest global carriers and customer-obsessed retailers, Sorted transforms the delivery experience into a delight, for everyone who touches it.
Sorted solutions provide both retailers and carriers with a competitive advantage in the market, through a set of commercial and customer service benefits which are not currently available through their existing partnerships.
About Merian Chrysalis Investment Company Limited
Merian Chrysalis Investment Company Limited is a Guernsey-domiciled investment company traded on the London Stock Exchange. It aims to generate long-term capital growth through investing in a portfolio of fast-growing and highly disruptive unquoted companies. The Company’s investment adviser is the asset manager, Merian Global Investors, a leading public investor in the UK. Merian Global Investors has proven experience in the crossover investing space and has made recent investments in TransferWise, The Hut Group, Graphcore, Starling Bank and Klarna.
About Praetura Ventures
Praetura Ventures is a Venture Capital firm that aims to bridge the estimated £300m venture capital funding gap for scaling businesses in the North West of the UK. Having invested more than £100m since 2011 with four successful exits to date at an average of 8x return, the organisation has a proven track record in backing early-stage companies. Praetura's newly formed £15m EIS fund invests in high-growth early-stage tech or IP enabled businesses. Praetura invests in ambitious, early stage companies. We know it takes more than money to build a successful business. We understand the real-world challenges entrepreneurs face, and partner with them to find long term, sustainable growth.