Silo, a future forward system of record for wholesale distributors and shippers, has announced that as of June 30, 2022 they secured up to $100 million in uncommitted financing from Jefferies.
Through the Jefferies financing, Silo will expand their capital program, offering a differentiated lending experience to produce distributors and shippers of all sizes.
Through Silo Instant Pay and Silo Credit Line customers are able to experience a fly-wheel effect across their growth potential. “Silo’s Instant Pay is my top secret bridge and facilitator of new business. In 4 months, we’ve been able to expand into new products and build relationships with 10 new customers. The ability to pay upfront in cash has translated to better quality and higher profits for our business,” says Cesar Garcia, Sales Director at New Mundoexport Fruits, Inc.
For an industry already operating on slim margins, this is a timely partnership. The rise of interest rates is disrupting growers’, shippers’, and distributors’ ability to access capital at favorable rates, leading to lower margins, stunted growth, and the combination of higher prices and lower supply for end consumers.
“At Silo, we focus on business workflow efficiencies–logistically and financially. Cash flow challenges continue to be one of the biggest reasons great companies aren’t able to meet their growth potential. We’re on a mission to change that,” says Ashton Braun, CEO and Co-Founder of Silo.
Silo’s data and technology make it uniquely positioned to understand their customers’ needs and serve the produce industry better than any other capital provider. Leveraging insights to build a differentiated experience in the form of seamless, automated and discrete access to cost effective working capital will bolster their mission in equipping businesses in the produce supply chain with the software, financial tools, and industry connections necessary to thrive.