MERI.L Share News (MERI)

(Sharecast News) - Merian Chrysalis Investment Company announced an investment of £10m, as part of a £15m Series B funding round by Sorted Holdings on Friday, alongside other investors including Praetura Ventures and NVM Private Equity.
The London-listed firm described Sorted as a Manchester-based, global software-as-a-service (SaaS) company that had developed a delivery management platform, which allowed both digital and physical retailers to manage their delivery and returns proposition.

It said it enabled retailers to increase conversion rates, reduce abandoned baskets and maintain customer loyalty.

Merian Chrysalis said Sorted had developed three highly innovative products, with the first being SortedHERO, which it described as an application programming interface solution which allowed retailers to display real-time delivery options at checkout.

The second product was SortedPRO, which it said was a delivery management platform for carrier and shipping management, and the third was SortedREACT, which worked as an artificial intelligence-driven tracking platform that aggregated carrier and delivery communications post-purchase.

Merian Chrysalis said Sorted was one of the UK's "fastest growing and most disruptive" SaaS companies, having invested more than £20m to date in its technology and providing global retailers with a "best-in-class" solution.

Sorted now operated in 12 countries and worked with a number of large customers, including ASOS, Lush, N Brown, Wincanton and Clipper Logistics.

"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," said Merian Chrysalis portfolio manager Richard Watts.

"We are excited to provide David and the team with the growth capital required to continue developing truly innovative technologies and expand internationally."