Total amount raised
$272 Million
Latest funding date
07/01/2023
Location
Silo has successfully navigated 7 funding rounds, attracting investments from notable backers such as Collate Capital, First Citizens Bank, and Koch Disruptive Technologies. The company offers integrated software and financing solutions tailored for the food supply chain, enhancing inventory management, accounting, and payment processing.
Keep reading to explore the intricacies of Silo's fundraising journey and the investors backing this innovative platform.
What Is Silo?
Silo is a private company based in San Francisco, California, specializing in integrated software and financing solutions for the food supply chain. The company operates in various industries, including agriculture, AgTech, food and beverage, marketplace, software, and supply chain management.
With an employee count ranging from 101 to 250, Silo offers products such as inventory management, accounting, and payment processing. The platform supports a wide range of product varieties across multiple countries and has processed over $1 billion in payments, emphasizing ease of integration and superior customer service.
How Much Funding Has Silo Raised?
- Seed Funding Round
- Amount Raised: USD 3,000,000
- Date: May 2019
- Lead Investors: Garry Tan, Haystack, Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Silo's platform and initial market entry.
- Series A Funding Round
- Amount Raised: USD 9,000,000
- Date: September 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series B Funding Round
- Amount Raised: USD 25,000,000
- Date: April 2021
- Lead Investors: Tribe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Series B Funding Round
- Amount Raised: Not publicly disclosed
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and support growth initiatives.
- Debt Financing Round
- Amount Raised: USD 100,000,000
- Date: June 2022
- Lead Investors: Jefferies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide financial stability and support new product launches.
- Debt Financing Round
- Amount Raised: USD 100,000,000
- Date: July 2023
- Lead Investors: First Citizens Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the Cash Advance loan program for small- and medium-sized businesses.
- Series C Funding Round
- Amount Raised: USD 35,000,000
- Date: July 2023
- Lead Investors: Koch Disruptive Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in product development and R&D, particularly in logistics and workflow automation.
Total Amount Raised: USD 272,000,000. 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 across various sectors. They aim to partner with companies that can transform industries through disruptive technologies.
- Investment Focus Areas: High-growth, innovative companies across various sectors.
- Notable Investments: Desktop Metal, Insightec, Rigetti Computing.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Silicon Valley. They invest in technology companies across various stages, from seed to growth.
- Investment Focus Areas: Technology companies across various stages.
- Notable Investments: Facebook, Airbnb, Lyft, Slack, Coinbase.
- Haystack Capital
- Details: Haystack Capital is an early-stage venture capital firm that focuses on technology startups. They have a track record of investing in companies that have become market leaders.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Instacart, DoorDash, Carta.
- Tribe Capital
- Details: Tribe Capital is a venture capital firm that invests in early-stage and growth-stage technology companies. They leverage data science to identify and support high-potential startups.
- Investment Focus Areas: Early-stage and growth-stage technology companies.
- Notable Investments: Bolt, Carta, Relativity Space.
- First Citizens Bank
- Details: First Citizens Bank is a financial services company that provides a range of banking products and services. They have a strong focus on supporting small- and medium-sized businesses.
- Investment Focus Areas: Financial services.
- 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, Silo's innovative use of AI to enhance supply chain processes positions it well to capture a substantial market share. The company's recent revenue growth of over 100% since December 2022 underscores its potential.
Future fundraising opportunities appear promising as Silo continues to expand its product offerings and market reach. The launch of the Cash Advance loan program, in partnership with First Citizens Bank, is a strategic move to support small- and medium-sized businesses, potentially attracting further investment.
However, Silo may face challenges such as competition from other tech startups and resistance from companies hesitant to adopt new technologies. External factors like weather and border controls also add complexity to the supply chain. Despite these hurdles, Silo's strong performance and strategic initiatives suggest a bright future ahead.
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