Silo Technologies reported that it managed to raise investment funds for $132 million.
This company is a provider of financial technologies for distributors and manufacturers-shippers in the perishable food supply chain. The firm received $32 million as a result of the Series C funding round. Another $100 million was provided to the company under the financing mechanism of First Citizens Bank. The relevant information is contained in the firm’s press release, which was published last Wednesday, July 12.
Brendon Durkin, managing director of Koch Disruptive Technologies, says that he is pleased with the presence of the company he manages in the Silo activity space, which is aimed at creating the most efficient and sustainable food supply chain. He also noted that Silo offers effective solutions in a complex market where the level of competition is very high. According to him, the offers of this company bring instant benefits to businesses.
First Citizens Bank will join forces with Silo to launch the Silo Cash Advance program. As part of this program, companies involved in the supply chain will be offered solutions to help eliminate the shortcomings in cash flow management that are inevitable in the business of seasonal fresh products. Told about it Mason Brady, founder of Brady CFO and former CFO and supply chain director at homegrown organic farms. He also noted that it is extremely important for the manufacturing business to have a financial partner who will assist in a difficult period.
Mason Brady compared Silo Capital to a trigger mechanism with a unique underwriting process that allows for very fast capital turnover.
DiMuto CEO Gary Loh, during a conversation with media representatives in August last year, said that the circulation of money on the global fresh food market is $ 3 trillion. Separately, he stressed that this market is struggling with the inertia of the tradition of doing business manually, which is already 3 thousand years old. According to him, the main elements of the digital transformation of the global food industry are monetization, traceability, visibility, and changing the technical principle of the trading process.
As we have reported earlier, Leap Raises $15 Million to Enhance Retail Platform.