The CEO who oversaw the sale of Manchester-based delivery tech startup Sorted for less than £70 in January has stepped down.
Carmen Carey took over as chief executive of Sorted, which develops software that aims to improve delivery efficiency, in 2021.
Carey, who has previously served as CEO of energy software firm Brady Technologies and customer experience startup Unbabel, will continue to work with Sorted during a three-month notice period.
Sorted said the group’s chairman Simon Wilkinson will take on the executive position whilst it looks for a permanent replacement.
Sorted has agreed to pay Wilkinson a daily rate of £1,750 in recognition of his “increased involvement in the operations of the business”.
Founded in 2010, Sorted raised over £70m from investors and was once valued by Dealroom at $240m.
The firm’s recent rounds include a £3m loan investment from Shard Credit Partners in 2022 and a $40m Series C in 2021 from Chrysalis Investments and Arte Capital Partners.
This year, however, the company announced it had agreed to a reverse takeover deal by AIM-listed company Location Sciences for just £66.73.
Location Sciences also agreed to assume Sorted’s outstanding debt of approximately £4.7m.
Location Sciences said the deal was a “significant opportunity” to leverage Sorted’s “leading edge technology” and “significant capital investment”.
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