Sorted secures £15m Series B funding led by Praetura Ventures and NVM Private Equity to accelerate product development and team expansion
The Manchester based retail delivery platform has raised £15m from Praetura Ventures and NVM Private Equity to scale its product roadmap and expand its workforce.
Sorted is a London-based recycling technology business providing artificial intelligence-enabled solutions to sort recyclable materials. Its proprietary technology uses computer vision and spectroscopy to identify items and guide human pickers at recovery facilities.
Manchester based retail delivery platform Sorted has secured £15m in a Series B funding round led by Praetura Ventures and NVM Private Equity. The fresh capital follows previous backing from the same investors, bringing the company total funds raised to £22m over the past four years.
The company will direct the investment towards accelerating its global product roadmap, enhancing its data rich platform and supporting strategic hires across developer, sales, marketing and finance teams. Headcount at the Manchester headquarters has doubled to over 100 staff during the past year, with plans to add 50 more roles over the next 12 months.
The raise comes on the back of strong commercial performance, including over 400 percent growth in annual recurring revenue over the past year and the acquisition of major retail clients such as Missguided, Footasylum, Feelunique and Lush.
Use of funds
- 01Continue product development
- 02Grow the team
- 03Invest in sales and marketing
