Sorted Group lands £15m in funding to accelerate growth of retail delivery platform
Manchester-based Sorted, the global delivery experience company, has secured £15m in a recent funding round led by Praetura Ventures and NVM Private Equity.
This follows earlier rounds of investment from Manchester-based Praetura and NVM, which operates a Manchester office, bringing Sorted’s funding to a total of £22m over the past four years.
The funding will be used to accelerate Sorted’s ambitious global product roadmap, following the recent launch of its revolutionary delivery tracking solution, SortedREACT, which joins additional intelligent services in the firm’s product suite: SortedHERO and SortedPRO.
Specifically, the funding will enable Sorted to enhance its existing technology, using its data-rich platform to further allow retailers to bridge the gap between what customers expect and what retailers can offer when it comes to delivery.
Sorted will also use the funding to support strategic hires across the business – from developers to sales, marketing and finance functions.
Over the past 12 months employee headcount in Manchester has doubled to more than 100 staff, with plans to hire an additional 50 seats in the next 12 months.
Sorted has also invested heavily in its office space, Sorted House, to ensure its team has an incredible environment to work in, leading to the company being voted one of the region’s most inspiring spaces.
Founded by serial entrepreneur David Grimes, Sorted has gone from strength to strength, achieving more than 400% growth in annual recurring revenue (ARR) in the past year alone.
The retail delivery tech company also has plans to accelerate growth in ARR over the next 12 months on the back of winning a number of marquee retail clients.
The company now counts major brands, such as Missguided, Footasylum, Feelunique and Lush, among its growing client base.
David Grimes said: “In an environment where consumers’ delivery experience increasingly determines retailers’ financial performance, technology that enlists the voice of the consumer is critical to driving revenue.
“This new round of funding is validation that Sorted continues to develop ground-breaking technology that delights customers and delivers competitive advantage to retailers.”
Mike Fletcher, chairman of Sorted and managing partner of Praetura, said: “Manchester is a bedrock for innovation in the retail and technology space – already the home of pure play fashion disruptors and with a vibrant tech scene – and Sorted’s tech credentials are well-placed to help retailers to reimagine what delivery looks like.
“Its continued and impressive growth trajectory is underpinned by an already robust tech stack and the latest round of funding will drive the roadmap forwards to fuel further growth.”
Sorted’s funding sits outside of Praetura Ventures’ ongoing 2019 EIS fund, which will be announced in early June.