Manchester-based startup Sorted has secured a £3m loan investment to support the growth of its delivery software platform that’s used by the likes of Asda, Lush and ASOS.
Founded in 2010, Sorted’s software is used to analyse the performance of deliveries made by companies, with the goal of optimising the management of both deliveries and returns.
“Customers are now expecting – and demanding – faultless delivery and return experiences as standard, regardless of whether they order from a large multinational brand or a small business,” said Carmen Carey, CEO of Sorted.
“In turn, the next stage in Sorted’s journey is set to provide the SMB market with exceptional delivery and returns capabilities.”
For clients, Sorted provides a centralised hub to manage the delivery aspect of a business, connecting carriers with companies and providing performance insights. For customers of its clients, Sorted provides insights on the tracking of deliveries and manages returns, refunds, and exchanges.
The new investment is the fourth made by Shard Credit Partners’ UK tech venture debt fund. Shard secured the first close of the fund in June, raising £16.5m. The firm is targeting a final close of £75m by the second quarter of 2023.
“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,” said Alastair Brown, CEO of Shard Credit Partners.
“Will and his team continue to maintain a robust pipeline of high-quality investments that will ensure the fund remains significantly invested, even as we grow our assets under management with subsequent fund closes through the remainder of 2022.”
Sorted previously raised $40m (£35.3m) in a Series C funding round in December 2021.