Manchester-based delivery software startup Sorted secures £11M funding for growth
Manchester-based global delivery experience pioneer Sorted powers dynamic checkouts, delivery management and delivery tracking around the world. The company has now announced $15 million (nearly £11 million) in growth capital. Of this, $7 million (nearly £5 million) was led by Chrysalis Investments, an existing investor.
Plans to expand globally
The growth capital will be used to support product development, growth in the team, global expansion and acquisition of several leading brands including Asda, musicMagpie, and XPO Logistics. The capital comes at a time when the SaaS tech delivery disruptor plans to further support the retail industry’s digital transformation, which accelerated due to the COVID-19 crisis.
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.”
Mike Fletcher, Chairman of Sorted and Managing Partner at Arete Capital Partners LLP, added: “As consumer demand for rich customer delivery experiences soars, Sorted is having a huge impact on the retail industry. As it continues to support retailers to better serve their customers, the company’s incredible growth so far is a journey that I’m proud to be a part of,” says Fletcher.
David Grimes, founder & CEO of Sorted commented: “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 e-commerce. 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.”
Whopping 100% growth in 2020
All through 2020, Sorted witnessed a phenomenal growth of 100% in shipment volume as compared to that of 2019. During this period, the company grew its portfolio of leading retail brands by more than 50%. In January 2021, Sorted saw a 243% growth through its SaaS platform in comparison to the same period in 2020. This growth indicates the adoption of agile technology that has helped some of the biggest global e-commerce brands respond to the changing retail landscape.
Founded by David Grimes, the scaleup made 28 hires during the lockdown last year. Some of the key hires include Tim Cox, Chief Technology Officer; Dan Greenall, Marketing Director; David Latham, Finance Director; Oyin Bamgbose, Head of Sales Operations; and Shaun Kelly, Head of Solutions Architecture.
Besides this, Sorted plans to hire another 30 roles over the next year in sales, marketing and tech teams as it grows its market share and expands into new international markets.