Food supply-chain solutions provider secures $35M investment
San Francisco-based Silo Technologies, a provider of modern capital and technology solutions for the food supply chain, has secured a $35 million investment from Koch Disruptive Technologies.
The investment follows Silo's Series C round, announced July 12, which raised $32 million, according to a news release. The company said KDT's decision to inject an additional $35 million underscores Silo’s “proven success and its potential to revolutionize operational efficiencies across supply chains.”
“Silo’s innovative solutions for the food supply chain are providing real value to customers that require more advanced and efficient supply chain management options,” Brendon Durkin, KDT managing director, said in the release. “As our economy increases in complexity and interconnectedness, Silo’s capability to combine both capital access with tech-driven logistical support can bring major disruptive improvements to not just the food supply chain but to other supply chain and commodity markets as well.”
Silo said the endorsement follows its remarkable growth trajectory, driven by a cutting-edge fintech platform that enhances business performance for its customers. The company said its fintech platform has experienced 650% growth in nine months, demonstrating its strategic expansion of product offerings and solidifying its prominence beyond the food supply chain sector.
The additional funding will advance Silo's capacity to develop modular solutions that encompass inventory management, freight logistics, enhanced order management, modern payment options and innovative capital solutions, according to the release.
Silo said its financing approach empowers businesses to swiftly access working capital, ensuring their ability to capitalize on market opportunities that drive significant growth. For example, the company said, three Miami-based distributors achieved a 350% average increase in revenue within one year by harnessing a combination of Silo's capital and technology solutions.
“Coming from the banking world, Silo’s approach to underwriting is built for this industry,” Donald Carter of GreenFruit Avocados, a Silo customer, said in the release. “They helped us secure financing quickly, securely, and we continue to partner with them.”
Silo also said its dedication to addressing the intricate challenges of the perishable food supply chain is highlighted with recent strategic hires, including Sophie Hartshorn as general manager of Silo Logistics, Clint Blaylock as head of payments and Shannon Colligan as head of partnerships. These new team members bring a wealth of diverse perspectives and expertise garnered from adjacent fintech and supply chain domains, the release said.
The company said it remains steadfast in its commitment to modernize the food supply chain. With the substantial backing from KDT and its other investors, Silo said it is poised to forge ahead on its journey of innovation and success.
"We're thrilled to have Koch Disruptive Technologies recognize our success and potential with this additional investment. It validates our mission and vision to transform supply chains and redefine what a capital and technology partnership looks like,” Silo co-founder and CEO Ashton Braun said in the release. “The partnership with KDT, along with the continued support from our existing investors, positions Silo for continued growth and innovation in 2023 and beyond."
