Silo, a Bay Area food supply chain software startup founded in 2018, laid off approximately 30% of its workforce, affecting over two dozen employees, on May 22, 2024. The company confirmed the across-the-board cuts, attributing them to recent financial difficulties stemming from a lending product issue where a customer defaulted, causing a banking partner to pause the service and impacting revenue. Amid these challenges, Silo is focusing on streamlining operations and is reportedly engaged in merger and acquisition discussions as it aims to stabilize and continue developing its supply chain management solutions for the perishables industry.
