Silo, a San Francisco, CA-based provider of technology solutions for the food supply chain, raised $132M in funding.
The round was led by First Citizens Bank and Koch Disruptive Technologies. Other investors included existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital and Moore Capital.
The company intends to use the funds to accelerate growth of financial services solutions and product development.
Led by CEO Ashton Braun, Silo provides distributors and grower shipper businesses of the perishable food supply chain with a finance platform, called Silo Finance, which gives users a full understanding of their cash flow and financing in an easy and fluid way.
Last year, the company secured financing to introduce a working capital program called Instant Pay and after a 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.
FinSMEs
12/08/2023