Silo Technologies, a leading provider of technology solutions for the food supply chain based in San Francisco, CA, recently laid off approximately 30 percent of its workforce. On May 24th, a company spokesperson confirmed that around two dozen employees were let go to ensure the company’s financial stability.
Despite this news, the spokesperson clarified that the downsizing was not related to the company’s financing. Last year, Silo raised $132 million in new capital, including $100 million from First Citizens Bank to support their Cash Advance funding program.
Silo Technologies was founded by Ashton Braun in 2018 and has been involved in discussions regarding potential mergers and acquisitions. The spokesperson acknowledged these talks and mentioned that Silo remains committed to innovating and providing solutions for the produce industry.
In light of recent developments, the Silo spokesperson provided some clarifications on May 28th, prompting an update to this story.
