Sorted Group lands £15 million Series B investment led by NVM Private Equity to accelerate the growth of the retail delivery platform

31 May 2019 – Manchester, UK – Sorted, the global delivery experience company, today announces it has secured £15 million in a recent funding round led by Praetura Ventures and NVM Private Equity LLP. This follows earlier rounds of investment from Praetura and NVM, bringing Sorted’s funding to a total of £22m over the last four years.

The funding will be used to accelerate Sorted’s ambitious global product roadmap, following the recent launch of its revolutionary delivery tracking solution, SortedREACT, which joins additional intelligent services in the firm’s product suite: SortedHERO and SortedPRO. Specifically, the funding will enable Sorted to enhance its existing technology, using its data-rich platform to further allow retailers to bridge the gap between what customers expect and what retailers can offer when it comes to delivery. 

Sorted will also use the funding to support strategic hires across the business – from developers to sales, marketing and finance functions. Over the past 12 months employee headcount in Manchester has doubled to over 100 staff, with plans to hire an additional 50 seats in the next 12 months. Sorted has also invested heavily in its office space, Sorted House, to ensure its team has an incredible environment to work in – leading to the company being voted one of the region’s most inspiring spaces.

Founded by serial entrepreneur David Grimes, Sorted has gone from strength to strength, achieving over 400% growth in annual recurring revenue (ARR) in the last year alone. The retail delivery tech company also has plans to accelerate growth in ARR over the next 12 months on the back of winning a number of marquee retail clients. The company now counts major brands, such as Missguided, Footasylum, Feelunique and Lush, amongst its growing client base.  

David Grimes, founder and CEO at Sorted, said: “In an environment where consumers’ delivery experience increasingly determines retailers’ financial performance, technology that enlists the voice of the consumer is critical to driving revenue.  This new round of funding is validation that Sorted continues to develop ground-breaking technology that delights customers and delivers competitive advantage to retailers.”

Mike Fletcher, Chairman of Sorted and Managing Partner of Praetura, said: “Manchester is a bedrock for innovation in the retail and technology space – already the home of pure play fashion disruptors and with a vibrant tech scene – and Sorted’s tech credentials are well placed to help retailers to reimagine what delivery looks like.  Its continued and impressive growth trajectory is underpinned by an already robust tech stack and the latest round of funding will drive the roadmap forwards to fuel further growth.”

Sorted’s funding sits outside of Praetura Ventures’ ongoing 2019 EIS fund, which will be announced in early June.

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Press enquiries:

Montana Gerry, W Communications

praetura@wcommunications.co.uk

07462 882001

About Sorted Group

Sorted is refreshingly agile and data-driven delivery software – powering dynamic checkouts, delivery management and delivery tracking around the world. Through partnerships with some of the biggest global carriers and customer-obsessed retailers, Sorted transforms the delivery experience into a delight, for everyone who touches it.

They have invested over £22m over the last ten years, with software now live in 9 countries with brands such as Missguided and Lush. The Sorted team pride themselves on helping to close the gap between what customers expect and what retailers offer, when it comes to delivery.

Sorted solutions provide both retailers and carriers with a competitive advantage in the market, through a set of commercial and customer service benefits which are not currently available through their existing partnerships:

  • SortedHERO is the API solution displaying personalised delivery options to the customer, creating a dynamic checkout.
  • SortedPRO is simple DC delivery management – single-integration carrier and shipping software.
  • SortedREACT is powerful delivery tracking, giving control to customer care teams and self-service convenience for customers.

About Praetura Ventures

Praetura Ventures Limited is registered in England and Wales at Companies House. The registered office is at Third Floor, Giant’s Basin, Potato Wharf, Castlefield, M3 4NB. Company number 11439791. Praetura Ventures is an Appointed Representative of Rudolf Wolff, which is authorised and regulated by the Financial Conduct Authority. Capital is at risk.

NVM Private Equity invests £2.2m Series A in Quotevine

Quotevine, a provider of SaaS solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM. The UK based investors’ backing of Quotevine is validation of its mission to help asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as IoT and Artificial Intelligence.

Quotevine will use the capital to fund UK growth over the next three years. Specifically, it will invest in growing its sales, developer and operations workforces so that it can fuel revenue growth alongside further development of its current suite of products to meet existing and new client demands. The product portfolio includes solutions that help businesses deal with the spectrum of legacy challenges known within the industry – from reporting, underwriting and pricing inefficiencies, to antiquated customer offerings and slow product innovation. Quotevine can currently count 1pm plc, Toyota Financial Services and MotoNovo Finance as customers.

Following this, Quotevine will focus on international growth and building further products to support their clients with revenue growth and improved operational efficiencies.

“This investment is a big vote of confidence for Quotevine and the work we are doing. There is a big shift taking place in the asset and auto finance sector, driven by the prevalence of interesting technologies like AI and IoT. Businesses in this space have a huge opportunity to get ahead by understanding how these technologies can be adopted to drive operational value and better meet customers shifting demands and need for personalisation. We are thrilled we have NVM on board and look forward to building our business.” says Daniel Layne, Founder and CEO of Quotevine.

Aaron Lawson-Clark, Investment Manager at NVM and incoming Quotevine board member said: “NVM is delighted to complete its investment into Quotevine. The business has a unique opportunity to disrupt digitisation in the automotive and asset finance industries.  The management team have some exciting plans and we look forward to working with them on the journey ahead.  Daniel and the team stood out for their ability to innovate at pace and delight customers of all sizes.”

About Quotevine

Quotevine is a technology business that provides a suite of SaaS solutions to digitise asset and automotive finance. They connect the dots for the web of partners and providers in the asset and automotive finance industries, allowing our clients to bring their operations into the digital age and keep pace with their customers’ changing expectations.

Quotevine’s team is made up of both automotive and asset finance specialists. They use our combination of technical and industry know-how to solve familiar industry problems and spot inefficiencies that have not yet been addressed.

Quotevine’s first-hand experience of legacy constraints, coupled with a digital-first mentality allows us to deliver the expertise of a large business with the creative agility of a start-up. www.quotevineapp.com

About NVM Private Equity

NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing approximately £440 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £1 million and £15 million in UK businesses, which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk

For further information please contact:

Mojo Mortgages secures £7 million from NVM Private Equity to revolutionise the UK mortgage experience

February 12th, 2019 Macclesfield, UK.

• NVM Private Equity and Maven Capital Partners back Mojo Mortgages

• Total funding reaches almost £8million

The fast-growing online mortgage broker, which already raised £800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other investors to continue its rapid growth and innovation.

Launched just one year ago by industry entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers £4million* in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.

The additional funding will enable the team to further accelerate growth by continuing to evolve its unique and intuitive mortgage experience.

The Series A funding is one of the biggest raises reported outside of London in the last 12 months.

Innovation

Mojo’s algorithm-powered mortgage recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.

The disruptive fintech will continue to build upon its suite of APIs – enhancing its online mortgage journey and automated decisioning to enable a true end-to-end experience for its customers and strategic partners.

‘On a mission’

Mojo Co-founder Richard Hayes said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy. The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other

financial verticals. This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.”

Co-founder Nick Sherratt said: “Mojo is leading the evolution of the mortgage market. We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth. Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”

Charlotte Clarke from NVM said: “NVM is incredibly excited to be backing Nick and Rich during the next phase of Mojo’s growth. We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”

Jeremy Thompson, Investment Manager at Maven said: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers. The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Maven are hugely excited to be supporting the team to help them achieve this.”

Mojo helps customers discover great deals from more than 90 lenders and offers free advice on their best option in 15 minutes before handling the entire application on their behalf.

The startup is a finalist in three categories at the 2019 British Bank Awards. Mojo stands to win the Best Mortgage Broker, Innovation of the Year and Best Newcomer titles. Winners will be announced in March.

Mojo Mortgages has featured in This Is Money, Forbes, The Guardian and FT Adviser.

ENDS *Based on average broker fees of £500

For more information, please contact Seb Burchell on 0333 123 0012.

Visit us at: www.mojomortgages.com. Find us on Facebook: facebook.com/MojoMortgagesUK/

Mojo Mortgages provides UK consumers with free personal mortgage advice and recommendation from thousands of products across the entire market. With a laser focus on first class customer experience, Mojo is on a mission to disrupt the mortgage market, to raise the bar on customer experience and bring about the much needed innovation to the industry.

Founded by highly experienced financial service entrepreneurs Richard Hayes and Nick Sherratt, Mojo Mortgages was born from its founders’ frustration with the old, analogue brokerage model that they saw as poor value and too onerous for customers.

Mojo Mortgages is a trading style of Life’s Great Limited, which has been authorised by the Financial Conduct Authority (FCA) for 10 years. Financial Services Register number: 478215

NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing more than £400 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK.

NVM seeks investment opportunities of between £2 million and £15 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk

Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and is one of the most active managers in the UK having invested over £400 million in British businesses since 2009.

Headquartered in Glasgow, and with ten offices throughout the UK, Maven has over 80 investment and support professionals providing a truly nationwide coverage. Maven has £600million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

For more information about Maven visit: www.mavencp.com @maven_cp

Training and Learning Platform Administrate scales up with £3.78m investment from NVM Private Equity

NVM Private Equity (NVM) has invested £2.25 million of growth capital into Edinburgh-based software business Administrate as part of a £3.78 million investment round alongside existing investors Archangels and the Scottish Investment Bank. Administrate is a Software-as-a-Service Training and Learning Management Platform, designed to help manage and automate the entire process of delivering education. The investment will be used to accelerate the business globally and continue the development of its platform.

Administrate delivers its solutions to a fast growing global client base from Scotland, supported by offices in the United States and Lebanon.Clients use Administrate to solve the challenges of defining, delivering, tracking, analysing, and scaling learning within an organisation. After implementing Administrate, customers realise huge time savings, and can drive strategic initiatives and successfully scale their offerings. In the past year, North American expansion has been a key driver for the company which now employs more than 80 people across its three offices.

The Administrate training management platform includes functionality supporting ecommerce, student registration, scheduling, personnel management, resource management, reporting, and classroom management features, all delivered from the cloud. Underpinned by a powerful API, Administrate is augmented by a host of integrations with other SaaS technology providers such as CloudShare, SurveyMonkey and Zoom.

John Peebles, CEO of Administrate, said, “Our investors are a key part of our team, and I’m delighted to have NVM join us on the journey as we work together to build a company focussed on delivering success for our customers.

As part of the investment, NVM’s Aaron-Lawson Clark has been appointed to the Administrate board.

Aaron Lawson-Clark, Investment Associate of NVM Private Equity said: “Administrate stands out as an ambitious business that has developed proven, market-leading technology with a strong reputation in its industry. The business is well placed to continue the growth trajectory delivered over the last few years as it continues to make inroads into enterprise level customers across the world. NVM are very pleased to be backing another fantastic business in Scotland.”

Since 2015 NVM has invested £68 million in 24 innovative companies with exciting growth potential and over the last 12 months ten new investments have been completed with one more to be announced later this week.

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NOTES TO EDITORS

For further information please contact:

Download photos of: Administrate – www.nvm.co.uk/PRphotos

NVM was provided with:

  • Legal advice by Watson Burton (Duncan Reid and Eleanor James)
  • Commercial due diligence by Plural Strategy (Phil Stone)
  • Management due diligence by Confidas People (Bruce Douglas)
  • Financial due diligence by Tait Walker (Chris McCourt and Graham Dotchin)
  • VCT compliance by Philip Hare & Associates

NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing more than £400 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £15 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk