Silo Technologies Has Raised $132 Million In New Funding

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Silo Technologies, a financial technology solution for distributors and grower shipper enterprises in the perishable food supply chain, has secured $132 million in additional funding.

This comprises a $32 million Series C investment and a $100 million financial facility from First Citizens Bank, according to a news statement issued by Silo Technologies on Wednesday (July 12).

According to the news announcement, Koch Disruptive Technologies led the latest fundraising round.

“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, bringing immediate benefits to businesses that use their products.”

As part of the funding, First Citizens Bank will collaborate with Silo to launch Silo’s Cash Advance program, which will assist supply chain companies in managing the cash flow gaps that are unavoidable in the seasonal fresh produce business, according to Mason Brady, founder of Brady CFO and former chief financial officer and director of supply chain at Homegrown Organic Farms.

“Finding a financing partner who comes through in a pinch is critical for produce businesses,” Brady added. “Silo Capital is like a trigger switch with a unique underwriting process that allows them to turn around capital faster than I have seen in my entire CFO career,” Brady added.