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 employees. According to a company spokesperson on May 24, around two dozen employees were let go across the company. The decision to reduce staff was made to preserve runway for the company’s operations.
Despite recent reports suggesting that Silo may be engaged in merger and acquisition discussions, the company spokesperson emphasized that the recent layoffs were not related to this financing. In fact, Silo raised $132 million in new capital in the summer of last year, including $100 million from First Citizens Bank to support their funding program called Cash Advance.
Silo was founded by Ashton Braun in 2018 and has since positioned itself as a leader in providing technology solutions for the produce industry. The company spokesperson did not dismiss the possibility of acquisitions or being acquired as part of their growth strategy but instead emphasized that Silo will continue to innovate and provide solutions to their customers.
