Submitted by Koch Industries
Koch Disruptive Technologies (KDT) has led a $32 million Series C round in Silo, the leading provider of modern technology solutions for the supply chain.
WHY IT MATTERS: A 2023 PwC survey found that while 86% of respondents said their organizations should invest more in technologies that identify, track and measure supply chain risk, only a minority said they’re using them to automate and enhance performance.
WHY KOCH INVESTED: “What Silo is doing is impressive because they are providing actionable solutions in a complex, competitive market that bring immediate benefits to businesses using their products,” said KDT Managing Director Brendon Durkin. “Given the success they've had in perishable foods, we think there is an opportunity to apply their products to other supply chains and commodities. We're excited to see what they'll be able to do next.”
WHAT THEY’RE SAYING: “We're pleased to have built such a strong base of investors who bring a diverse set of expertise to the table. Koch Industries is one of the greatest supply chain companies. Adding KDT to the team validates what we're trying to achieve and brings additional supply chain expertise as we take Silo to the next level. Pairing that with the existing investor base, which has deep technical and fintech knowledge is very exciting as we expand our impact within the supply chain in 2023 and beyond,” Ashton said.
IN ACTION: Their customers have seen impressive results, including three Miami-based distributors who experienced a 350% increase in revenue after a year of using Silo Capital and its "Instant Pay" program.
GO DEEPER: Others participating in the round included existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital and Moore Capital.
Read more about Silo in TechCrunch.
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