FoodUS

Silo Layoffs

May 2024

Silo announced a layoff affecting 0 employees (30% of its workforce) in May 2024. The company operates in the Food sector.

People Affected

Percentage

30%

Announced Date

May 22, 2024

About

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.