Silo $132M push led by Koch Industries, Andreessen Horowitz

A Koch Industries subsidiary and Andreessen Horowitz are among the backers behind a $132 million infusion into Silo Technologies, a Fintech provider focused on the food supply chain. The funds consist of $100 million to introduce the funding program Cash Advance and a $32 million Series C.

Silo’s fintech platform allows distributors and grower-shipper businesses in the perishable food supply chain to access financial solutions and data insights.

Koch Disruptive Technologies, a Koch Industries arm, led the round. Additional participants included existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital. First Citizens Bank provided the $100 million for Silo to launch Cash Advance.

“We’re thrilled to be a part of Silo’s journey to create a more efficient and sustainable food supply chain,” said Brendon Durkin, managing director of Koch Disruptive Technologies. “What Silo is doing is impressive because they are providing actionable solutions in a complex, competitive market that bring immediate benefits to businesses using their products. Given the success they’ve had in perishable foods, we think there is an opportunity to apply their products to other supply chains and commodities. We’re excited to see what they’ll be able to do next.”

Silo’s finance platform, Silo Finance, gives customers a full understanding of their cash flow and financing. With this new round of funding and additional capital, Silo said it plans to continue product development of its platform in an effort to bring its holistic solutions to more businesses within the perishable food space.

“We’re pleased to have built such a strong base of investors who bring a diverse set of expertise to the table,” Silo cofounder and CEO Ashton Braun said. “Koch Industries is one of the greatest supply chain companies. Adding KDT to the team validates what we’re trying to achieve and brings additional supply chain expertise as we (go) to the next level. Pairing that with the existing investor base, which has deep technical and fintech knowledge is very exciting as we expand our impact within the supply chain in 2023 and beyond.”

“We first invested in Silo in early 2020, and since then the company has developed a track record for building market changing technology and services through its fintech platform,” said Anish Acharya, general partner at Andreessen Horowitz. “Silo has also demonstrated market potential with its ability to piece together information that reduces risk for both its business and the businesses that back them, empowering more SMBs to have a larger seat at their industry table.”


Register Now
Sponsored Links by DQ Promote

 

 

Send this to a friend