Silo Technologies, a leading provider of technology solutions for the food supply chain, recently had to lay off approximately 30 percent of its workforce. According to a company spokesperson on May 24, around two dozen employees were let go in order to ensure the company’s financial stability.
Despite the recent layoffs, the spokesperson clarified that the downsizing was not related to the company’s financing. In fact, last year Silo Technologies raised $132 million in new capital, including $100 million from First Citizens Bank to support their Cash Advance funding program.
TechCrunch reported that Silo 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, prompting an update to this story on May 28th.
