Silo Technologies lays off staff, holds M&A talks

Silo Technologies, BB #:349159 San Francisco, CA, laid off about 30 percent of its employees last week.

A company spokesperson said on May 24 that the number of employees let go was about two dozen across the company, and the reduction was done to preserve runway for the company.

Silo Technologies describes itself as “the leading provider of technology solutions for the food supply chain,” founded by Ashton Braun in 2018.

Last summer, Silo raised $132 million in new capital, which included $100 million from First Citizens Bank to provide additional funds for Silo’s new funding program called Cash Advance.

The spokesperson said the layoffs are unrelated to the financing.

TechCrunch reported that Silo has been engaged in merger and acquisition discussions.

The spokesperson said, “Silo has and will continue to innovate and provide solutions to the produce industry and may consider acquisitions or possibly being acquired as a part of a growth strategy.”

Editor’s note: The Silo spokesperson clarified some points, so the story has been updated the morning of May 28.