UK delivery software startup Sorted raises €17 million
Sorted, a delivery software startup from the United Kingdom, has raised 17 million euros in a funding round that was led by Praetura Ventures and NVM Private Equity. This follows after a year of 400 percent revenue growth.
Sorted is based in Manchester and offers data-driven delivery software for retailers around the world. Recently, it raised 17 million euros, which brings the startup’s funding to a total of 25 million euros over the last four years. Earlier rounds of investment also included Praetura and NVM, EU-Startups writes.
400% growth in annual recurring revenue
The delivery software company was founded by David Grimes in 2010 and has achieved over 400 percent growth in annual recurring revenue last year. “In an environment where the delivery experience of consumers increasingly determines the financial performance of retailers, technology that enlists the voice of the consumer is critical to driving revenue”, Grimes explains. He adds that the new funding is prove that his company continues to develop “ground-breaking technology that delights customers and delivers competitive advantage to retailers”.
New service SortedReact joins SortedHero and SortedPro
With the money, the UK startup wants to improve its existing technology and accelerate its product roadmap. Recently, it launched its delivery tracking solution SortedReact. It also offers two other services: SortedHero, a dynamic checkout that offers personalized delivery options and SortedPro, a delivery management service that offers carrier and shipping management.
According to EU-Startups, Sorted will also use the extra money to hire more people. Over the last twelve months, the company has doubled its staff to over a hundred, and it now has plans to hire an additional 50 in the next twelve months.