Shard Credit Partners has completed its fourth investment from its landmark UK technology focused venture debt fund. Sorted has secured £3.0 million of loan funding to support the growth and expansion of the business across existing and new markets.
Sorted is a Manchester-based software business that supports retailers in providing exceptional delivery experiences and analysing post-purchase performance. It empowers customers to track deliveries and returns or exchange parcels effortlessly. The company has grown rapidly in recent years and now provides its services to a wide range of leading UK retailers, such as ASOS, M&S, Dunelm and ASDA.
Shard Credit Partners held the first close of its inaugural venture debt fund in June 2022. Several high-profile institutional investors are expected to commit to the fund in the coming months. The firm is targeting a final close at £75 million by Q2 2023, with a hard cap of £100 million.
William Chappel, Head of Venture Debt at Shard Credit Partners, said; “we are delighted to be providing finance to support Sorted. We have been tracking this name since 2018 and have been hugely impressed by how the business has flourished since that time. We can’t wait to work closer with its CEO, Carmen Carey, and the wider team as the business continues to expand. This is a strong addition to our UK technology-focused venture debt fund, and a key example of our focus on our meaningful approach to ESG, in particular, supporting female led businesses across all regions of the UK.
Carmen Carey, CEO of Sorted commented, “Customers are now expecting – and demanding – faultless delivery and returns experiences as standard, regardless of whether they order from a large multinational brand or a small business. In turn, the next stage in Sorted’s journey is set to provide the SMB market with exceptional delivery and returns capabilities. This latest round of funding will help drive Sorted’s vision, enabling seamless experiences for customers globally, especially as we begin to enter the US market.”
Alastair Brown, CEO of Shard Credit Partners commented; “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. 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.”
Legal advice to Shard Credit Partners was provided by Orrick LLP, led by Partner Scott Morrison and supported by Hridi Chowdhury, and Sorted was supported by Gateley and Dow Schofield Watts for legal and finance advice, respectively.
Image: Alistair Brown
