£11m funding to accelerate growth at delivery disrupter Sorted
Posted on March 30, 2021 by Jonathan Symcox
Delivery experience pioneer Sorted has raised £11m in growth capital after another record year.
The Manchester-headquartered SaaS firm helps retailers to deliver products to customers worldwide with the boom in online sales and has been named by the FT as one of fastest-growing companies in Europe.
The round was led by existing investor Chrysalis Investments. Sorted said it will support the acquisition of a number of leading brands as well as product development, growth in the team and further global expansion.
Its software is now live in 17 countries with brands such as ASOS, French Connection, Mountain Warehouse, Mulberry, Missguided and Lush.
From January to December 2020, Sorted saw 100% increase in shipment volume versus the whole of 2019.
The scale–up grew its portfolio of leading retail brands by over 50%, including Asda, musicMagpie and XPO Logistics, the No.1 Fortune 500 supply chain solution provider facilitating 10 million global ‘last mile’ deliveries each year.
In January 2021 alone, Sorted saw a 243% growth through its SaaS platform in comparison to the same period in 2020.
“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 eCommerce,” said CEO David Grimes.
“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.”
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.
The company’s significant growth is also reflected in its new staff, having grown throughout 2020 by adding 28 new hires in lockdown alone, and recruiting key executive hires such as CTO Tim Cox, CMO Dan Greenall and FD David Latham.
Sorted plans to add another 30 roles over the next year across sales, marketing and tech, as it grows its market share further and expands into new international markets.