Total amount raised
$272 Millions
Latest funding date
Location
Silo has successfully raised significant funding through multiple rounds, attracting 18 investors, including Collate Capital and First Citizens Bank. The company offers integrated software and financing solutions specifically designed for the food supply chain.
Keep reading to explore the intricacies of Silo's fundraising journey and the investors backing this innovative platform.
What Is Silo?
Silo, founded on January 2, 2018, is headquartered in San Francisco, California. The company was established by Antonio Bustamante, Ashton Braun, and Chia-ying Jackie Lee.
Operating within the agriculture, agtech, food and beverage, marketplace, software, and supply chain management industries, Silo offers integrated software and financing solutions tailored for the food supply chain. The company employs between 101-250 people.
Silo's services include inventory management, accounting, and payment processing, designed to enhance operational efficiency and unlock cash flow. Their platform supports a wide range of product varieties across multiple countries, facilitating significant capital delivery to support supply chain businesses.
How Much Funding Has Silo Raised?
- Seed Round
- Amount Raised: $3M
- Date: May 21, 2019
- Lead Investors: Garry Tan, Haystack, Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and validate the business model.
- Series A
- Amount Raised: $9M
- Date: Sep 24, 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: $25M
- Date: Apr 1, 2021
- Lead Investors: Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: Not publicly disclosed
- Date: May 2, 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further product development and market expansion.
- Debt Financing
- Amount Raised: $100M
- Date: Jun 30, 2022
- Lead Investors: Jefferies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and boost cash flow.
- Debt Financing
- Amount Raised: $100M
- Date: Jul 12, 2023
- Lead Investors: First Citizens Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the Cash Advance program for food supply chain businesses.
- Series C
- Amount Raised: $35M
- Date: Jul 12, 2023
- Lead Investors: Koch Disruptive Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and R&D, particularly in logistics and workflow automation.
Total Amount Raised: $272M
Current Valuation: Not publicly disclosed
Key Investors
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies is a subsidiary of Koch Industries, focusing on high-growth companies that are innovating in various sectors. They aim to partner with companies that can transform industries and improve lives.
- Investment Focus Areas: Technology, energy, industrials
- Notable Investments: Desktop Metal, RigUp, INSIGHTEC
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm invests in early-stage startups across various sectors.
- Investment Focus Areas: Software, consumer, enterprise technology
- Notable Investments: Facebook, Airbnb, Slack
- Haystack Capital
- Details: Haystack Capital is an early-stage venture capital firm that focuses on technology startups. The firm is known for its strategic investments in high-potential companies.
- Investment Focus Areas: Technology startups
- Notable Investments: DoorDash, Instacart, Carta
- Tribe Capital
- Details: Tribe Capital is a venture capital firm that invests in early-stage and growth-stage technology companies. The firm leverages data science to identify and support promising startups.
- Investment Focus Areas: Early-stage technology, growth-stage technology
- Notable Investments: Bolt, Carta, Front
- First Citizens Bank
- Details: First Citizens Bank is a financial institution that provides a range of banking services. They have a strong focus on supporting businesses through various financial products.
- Investment Focus Areas: Banking, financial services, business loans
- Notable Investments: Not publicly disclosed
What's Next for Silo?
Silo stands at the cusp of significant growth opportunities, particularly in automating workflows for food and agricultural businesses. With the supply chain tech space valued at over $27.2 billion, the potential for expansion is immense. The company’s focus on AI-driven solutions for payments, inventory management, and financing positions it well to capture a substantial market share.
Future fundraising efforts are likely as Silo continues to develop its product offerings and expand its customer base. The recent $32 million Series C round is a testament to investor confidence, and additional funding could further accelerate growth and innovation.
However, challenges remain. Silo must navigate competition from both legacy systems and other startups while convincing traditional supply chain companies to adopt new technologies. Managing the complexities of the perishable supply chain, including weather and logistics, will also be critical to their success.
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