Silo, San Francisco, has raised $9 million in a Series A round of funding.
The company, which offers a cloud-based platform for streamlining supply chains for perishable foods, has a goal of reducing food loss by automating operations and managing relationships for buyers and sellers of food.
“Eliminating inefficiencies in the food system is crucial, especially in these uncertain times,” Ashton Braun, co-founder and CEO of Silo, said in a news release. “We’re thrilled to have the support of an amazing group of investors to help us grow Silo’s business to new categories and markets across the nation.”
“By leveraging data and supporting both buyers and suppliers in the food system, Silo creates thousands of connections across retailers, wholesalers, distributors, food service companies, packers, processors and freight providers that help them transact and avoid billions of dollars of loss each year,” according to the release.
The $9 investment round was led by Adreessen Horowitz.
“The market potential for an innovator like Silo to reduce waste and improve margins is enormous and we’re excited to support its efforts as the system of record for food distribution in the United States,” Anish Acharya, general partner at Andreessen Horowitz, said in the release. “Silo is well-positioned to scale beyond the West Coast to help more customers modernize and transition their operations from pen and paper to software.”