USA – Silo, a San Francisco, CA-based provider of a cloud platform for streamlining supply chains in the perishable food system, raised a Series A funding round of $9m.
The round was led by Andreessen Horowitz (a16z) with participation from existing investors Initialized Capital and Haystack Ventures. In conjunction with the funding, Anish Acharya, a General Partner at a16z who focuses on financial services, joined Silo’s board. The company intends to use the funds to accelerate its nationwide growth by opening new offices in New York City and Los Angeles and hire engineering staff to support the development of financial services and logistical tools. Founded by Ashton Braun and Antonio Bustamante in 2018, Silo provides a cloud-based, machine learning technology platform that automates operations and manages relationships for the buyers and sellers of food products and agricultural commodities. It replaces traditional systems with real-time, cloud based technology that reduces unnecessary costs and waste, such as loss of products & product rejections, and manual processes around data entry, sales, logistics, business intelligence and financial services. By leveraging data and supporting both buyers and suppliers in the food system, Silo creates thousands of connections across retailers, wholesalers, distributors, food service companies, packers, processors and freight providers that help them transact and avoid billions of dollars of loss each year. The company’s machine learning technology automates traditional workflows across a business and the supply chain as a whole, from sales, purchasing, dynamic inventory management, logistics, accounting & finances, helping stakeholders build and de-risk existing and new relationships within the supply chain. Silo intends to extend its reach beyond wholesale produce towards meat, dairy and pantry items within the overall food category this year. 24/09/2020
