Delivery platform Sorted has secured £3m of loan funding to support the growth and expansion of the business across existing and new markets.
The Manchester-based software business counts the likes of ASOS, M&S, Dunelm and Asda among its customers.
The funding represents Shard Credit Partners’ fourth investment from its landmark UK technology focused venture debt fund.
Sorted has grown rapidly in recent years and its technology empowers customers to track deliveries and returns or exchange parcels effortlessly.
Carmen Carey, CEO of Sorted, said: “Customers are now expecting – and demanding – faultless delivery and returns experiences as standard, regardless of whether they order from a large multinational brand or a small business.
“In turn, the next stage in Sorted’s journey is set to provide the SMB market with exceptional delivery and returns capabilities.
£11m funding to accelerate growth at delivery disrupter Sorted
“This latest round of funding will help drive Sorted’s vision, enabling seamless experiences for customers globally, especially as we begin to enter the US market.”
The company was founded in 2010 by David Grimes with the launch of MyParcelDelivery.com and has gone on to become a global software company.
Alastair Brown, CEO of Shard Credit Partners, added: “Since launching the new venture debt fund in June, our first close investors have continued to enjoy rapid deployment, with a fourth investment now completed.”
Shard Credit Partners held the first close of its inaugural venture debt fund in June 2022. Several high-profile institutional investors are expected to commit to the fund in the coming months. The firm is targeting a final close at £75m by Q2 2023, with a hard cap of £100m.