A further $132 million has been raised for Silo Technologies, a financial technology platform for distributors and grower-shipper businesses in the perishable food supply chain.
According to a news release released by Silo Technologies on July 12, this consists of a $32 million Series C investment and a $100 million financing facility from First Citizens Bank.
Koch Disruptive Technologies reportedly took the lead in the most recent financing round.
Brendon Durkin, managing director of Koch Disruptive Technologies, stated, “We’re happy to be a part of Silo’s mission to develop a more effective and sustainable food supply chain. “What Silo is doing is impressive because they are offering practical solutions in a difficult, cutthroat market, bringing quick gains to businesses that use their products,” says one analyst.
According to Mason Brady, CEO of Brady CFO and former CFO and director of supply chain at Homegrown Organic Farms, First Citizens Bank will work with Silo as part of the funding to launch Silo’s Cash Advance program, which will help supply chain companies manage the cash flow gaps that are inevitable in the seasonal fresh produce business.
