Retail SaaS firm Sorted bags a major investment round led by Praetura Ventures and NVM Private Equity LLP to bolster its tech and workforce
Photo credit: Sorted
From concerns about cashflow to convincing VCs to inject money, a startup’s early days for any entrepreneur is far from easy. Despite the ubiquity of these issues which give business leaders sleepless nights, some tech companies are making the cut and are raising impressive rounds.
The latest one to do so is Manchester-based Sorted which announced securing a £15m round led by VC firm Praetura Ventures and private equity investor NVM Private Equity. The global tech-enabled delivery company which boats of having Missguided, Footasylum, Feelunique and Lush amongst its client base, will use the cash to accelerate its global expansion. Furthermore, it will be investing in its delivery tracking technology –SortedREACT, SortedHERO and SortedPRO – and use its data to allow retailers to bridge the gap between their offering and the customer’s needs when it comes to delivery.
Additionally, Sorted’s owners recognise the importance of having a robust workforce. Having already doubled its workforce to over 100 employees, they’re also going to heavily invest in hiring the likes of developers, sales, marketing and finance people and increase the team by a further 50 through the next 12 months.
Sorted has managed to achieve quite a bit of funding in the past. This new investment follows earlier rounds of investment from Praetura and NVM, bringing its funding to a total of £22m over the last four years.
Commenting on the new money injection, David Grimes, founder and CEO at Sorted, 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.”
While Grimes is bullish about the future looking at the way the company is treading forward and credits its technological progress for the success, being based in Manchester too is a benefitting factor. “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,” said Mike Fletcher, chairman of Sorted and managing partner of Praetura.
He’s not alone in championing Manchester’s credentials. For instance, in October 2018 it was named the seventh best city in the UK to work in.
Indeed, this startup seems to be ahead in the game of delivery and we’re waiting to see where it goes from here.