New Capital Accelerates Growth of Innovative Financial Services Solutions & Product Development
SAN FRANCISCO, July 12, 2023 /PRNewswire/ — Silo Technologies, the leading provider of modern technology solutions for the food supply chain, today announces $132 million in new capital. The company’s $32 million Series C round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries, a global leader in supply chain logistics known for their focused investments in technologies that disrupt established industries. Additional participants in the round included existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital and Moore Capital.
Silo offers a holistic fintech platform that makes financial solutions and data insights accessible
for distributors and grower shipper businesses of the perishable food supply chain. Last year, Silo secured financing to introduce a working capital program called Instant Pay and after a successful track record of providing their customers with an innovative way to manage and access working capital, the company has received more attention. Today, First Citizens Bank is partnering with Silo to provide an additional $100 million to launch Silo’s new funding program called Cash Advance. These two funding facilities will help expand Silo’s capital program and embed additional fintech services, empowering more supply chain businesses to survive and thrive during an economic downturn.
“We’re thrilled to be a part of Silo’s journey to create a more efficient and sustainable food supply chain,” said Brendon Durkin, Managing Director of Koch Disruptive Technologies. “What Silo is doing is impressive because they are providing actionable solutions in a complex, competitive market that bring immediate benefits to businesses using their products. Given the success they’ve had in perishable foods, we think there is an opportunity to apply their products to other supply chains and commodities. We’re excited to see what they’ll be able to do next.”
By equipping perishable food businesses with actionable insights, cost effective capital and intuitive, connected solutions that optimize inventory and financial performance, Silo helps businesses succeed in today’s competitive market. Its innovative finance platform, called Silo Finance, gives customers a full understanding of their cash flow and financing in an easy and fluid way. With this new round of funding and additional capital, Silo plans to continue product development of its platform in an effort to bring its holistic solutions to more businesses within the perishable food space.
“We’re pleased to have built such a strong base of investors who bring a diverse set of expertise to the table. Koch Industries is one of the greatest supply chain companies. Adding KDT to the team validates what we’re trying to achieve and brings additional supply chain expertise as we take Silo to the next level. Pairing that with the existing investor base, which has deep technical and fintech knowledge is very exciting as we expand our impact within the supply chain in 2023 and beyond,” said Ashton Braun, CEO and co-founder of Silo.
Silo’s growing customer base has experienced impressive metrics. For example, three Miami-based distributors saw a 350% average increase in revenue in one year from using Silo Capital. This was the result of their ability to fluidly access working capital with Instant Pay which enabled them to execute on market opportunities that resulted in massive growth.
“Cash flow gaps are going to happen, especially given the seasonality of fresh produce. It’s essential for produce businesses to find a financing partner that comes through in a tight pinch. Silo Capital is like a trigger switch with a unique underwriting process that makes it possible for them to turn around capital faster than I have seen in my entire career as a CFO,” said Mason Brady, Founder of Brady CFO and former CFO and Director of Supply Chain at Homegrown Organic Farms.
“We first invested in Silo in early 2020, and since then the company has developed a track record for building market changing technology and services through its fintech platform,” said Anish Acharya, general partner at Andreessen Horowitz. “Silo has also demonstrated market potential with its ability to piece together information that reduces risk for both its business and the businesses that back them, empowering more SMBs to have a larger seat at their industry table.”
About Silo
Silo Technologies is the leading provider of technology solutions for the food supply chain. Based in San Francisco and founded by Ashton Braun in 2018, Silo has raised $272 million in funding from leading investors like KDT, Jefferies Financial Group, Andreessen Horowitz and Initialized Capital. For more information, visit https://usesilo.com
About Koch Disruptive Technologies
Koch Disruptive Technologies (KDT) is a unique investment firm, focused on empowering founders to create a could-be world. KDT provides a flexible, multi-stage investment approach from early venture capital through growth equity, including private and public companies. We work with principled entrepreneurs who are building transformative companies, disrupting the status quo, and creating new platforms. KDT is a subsidiary of Koch Industries, one of the largest privately held companies in the world with annual revenues that exceed $125 billion and operations in about 60 countries. KDT helps its partners unlock their full potential by bringing Koch’s capabilities and network to them, structuring unique capital solutions, and embracing a long-term, mutual benefit mindset. For more information, visit http://www.kochdisrupt.com/
SOURCE SILO
