Manchester retail tech firm secures £15m
A fast-growing Manchester-based retail SaaS firm has secured £15 million in funding.
Sorted, based in Manchester’s Albert Square, provides online businesses with the ability to run online checkouts, warehouses and shipping in 9 countries.
Its client base includes Missguided, Footasylum, Feelunique and Lush.
This latest funding round was led by Praetura Ventures and NVM Private Equity, and follows earlier rounds of investment from the pair, bringing Sorted’s funding to a total of £22 million over the last four years.
The firm will use the new funds to enhance its existing technology and hire new developers, sales, marketing and finance talent.
Having reported a 400 per cent growth in annual recurring revenue in the last year alone, it also plans to accelerate this growth over the next months on the back of winning a number of new clients.
Founded in 2010 by David Grimes as MyParcelDelivery Group, the firm rebranded in 2017. Its enterprise-level software processes tens of millions of transactions a year, and gives retailers access to analytics.
“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,” said Grimes.
“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 lead investor Praetura added: “Manchester is a bedrock for innovation in the retail and technology space – already the home of pureplay 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.”