Silo Technologies – a leading provider of modern technology solutions for the food supply chain – recently announced $132 million in new capital. Koch Disruptive Technologies, a subsidiary of Koch Industries, led the company’s $32 million Series C round. And additional participants in the round included existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital.
The company 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. After a successful track record of providing its customers with an innovative way to manage and access working capital, the company has received more attention.
First Citizens Bank is partnering with Silo to provide an additional $100 million to launch Silo’s new funding program Cash Advance. And 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.
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 a competitive market. The company’s finance platform, Silo Finance, gives customers a complete understanding of their cash flow and financing easily and fluidly. With this new round of funding and additional capital, Silo plans to continue the product development of its platform to bring its holistic solutions to more businesses within the perishable food space.
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 resulted from their ability to fluidly access working capital with Instant Pay which enabled them to execute on market opportunities that resulted in massive growth.
KEY QUOTES:
“We’re thrilled to be a part of Silo’s journey to create a more efficient and sustainable food supply chain. 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.”
— Brendon Durkin, Managing Director of Koch Disruptive Technologies
“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.”
— Ashton Braun, CEO and co-founder of Silo
“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.”
— 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. 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.”
— Anish Acharya, general partner at Andreessen Horowitz
