Dear Silo Community,
I am thrilled to share the exciting news of our recent $35 million investment from Koch Disruptive Technologies (KDT). This milestone comes hot on the heels of our Series C round earlier this year where we raised $32 million. This is a testament to our incredible journey and the confidence our investors have in Silo's mission to revolutionize the food supply chain through cutting-edge technology and capital solutions.
KDT's decision to invest an additional $35 million reinforces our proven success and underscores our potential to drive transformative changes in supply chain operations. As Brendon Durkin, Managing Director of Koch Disruptive Technologies, aptly puts it, "Silo’s innovative solutions for the food supply chain are providing real value to customers that require more advanced and efficient supply chain management options."
Silo’s innovative solutions for the food supply chain are providing real value to customers that require more advanced and efficient supply chain management options.
Our commitment to innovation and excellence is steadfast and unyielding. In just nine months, our Fintech Platform has witnessed an astounding 650% growth, reflecting our strategic expansion into various product offerings beyond the food supply chain sector.
The additional funding will enable us to further develop modular operational solutions, spanning inventory management, freight logistics, enhanced order management, modern payment options, and innovative capital solutions. Our unique financing approach empowers businesses to swiftly access working capital, ensuring they can seize market opportunities and achieve significant growth.
One of the most gratifying aspects of our journey is the success stories of our customers. For example, three Miami-based distributors experienced a remarkable 350% average increase in revenue within just one year by leveraging a combination of Silo's capital and technology solutions. Donald Carter, a Silo customer from GreenFruit Avocados, highlights the efficiency of our approach, saying, "Coming from the banking world, Silo’s approach to underwriting is built for this industry. They helped us secure financing quickly, securely, and we continue to partner with them."
Coming from the banking world, Silo’s approach to underwriting is built for this industry. They helped us secure financing quickly, securely, and we continue to partner with them.
Our commitment to addressing the unique challenges in the supply chain is further exemplified by the recent additions to our team. Sophie Hartshorn as the General Manager of Silo Logistics, Clint Blaylock as the Head of Payments, and Shannon Colligan as the Head of Partnerships bring valuable expertise from adjacent fintech and supply chain domains.
As we move forward, I am filled with enthusiasm and determination. This investment, along with the unwavering support of our existing investors, positions Silo for continued growth and innovation in 2024 and beyond.
Silo Technologies remains dedicated to modernizing the supply chain industry, setting new standards for excellence and innovation. We invite you to join us on this exciting journey as we continue to shape the future of the supply chain.
With gratitude and excitement,
Chief Revenue Officer