16th Aug 2019 12:24
(Alliance News) - Merian Chrysalis Investment Co Ltd said Friday it invested GBP10 million into Sorted Holdings Ltd, as part of a GBP15 million Series B funding round.
Sorted is a software-as-a-service company founded by CEO David Grimes in 2010, which has developed a delivery management platform which allows retailers to manage their delivery and returns proposition.
Other investors in the funding round include Praetura Ventures and NVM Private Equity LLP.
As a result of the investment in Sorted, Merian Chrysalis's capital is now 78% invested.
"The delivery management sector is ripe for disruption and we believe Sorted has emerged as the only credible, global challenger to the current market leader. We are excited to provide David and the team with the growth capital required to continue developing truly innovative technologies and expand internationally," said Portfolio Manager Richard Watts.
Shares in Merian Chrysalis Investment were down 1.2% at 135.24 pence on Friday.
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