Earlier this month, Goldman Sachs, and Wiggers Venture Beat led a $70 million Series B round for Slync.io, a company that has developed an end-to-end supply chain and logistics automation platform. With this new funding, Slync plans to continue supporting their global customer base, while also bringing new capabilities to the market. In addition to providing automation and analytics for the transportation and distribution sector, Slync plans to use the new funding to expand its customer base.
Company’s capabilities set it apart from competitors in the logistics automation space
Designed for companies that are looking to transform their logistics operations, Slync.io offers a powerful and scalable logistics orchestration platform that integrates with disparate systems and provides role-based workflows. With Slync, companies can integrate their shipping and logistics systems, manage the collaboration of team members, and provide customized interfaces to workers in supply chain networks.
As a global supply chain expert with more than 25 years of experience in the industry, Cheryl Falk is the executive responsible for strategic insights, product development, and communication of Fortna services. She works with alliance partners to develop a roadmap for innovative technology solutions. She is also the SVP of global marketing communications and business development at Fortna. In addition to her work at Fortna, she was also the founder and director of the Material Handling and Logistics Conference.
COVID-19 pandemic has moved supply chains and logistics decisions amidst the COVID-19 pandemic
During its most recent round of funding, Slync raised more than 70 million dollars and announced a major milestone in its history. The company aims to use this cash to expand into Asia and Europe, as well as hire new employees. Its latest product is Logistics Orchestration, an end-to-end service offering. It connects the various shipping and logistics systems of a global supply chain, thereby enabling better productivity.
The Slync may not be the first company to cite process automation as a way to boost efficiency in the global supply chain. But it is one of the most prominent players in the game. For instance, Slync uses an ingenious process called ingesting structured data, which means the company can automate many of the mundane tasks, such as picking and packing orders.
Company plans to use the Series B round to support their global customer base
Currently, Slync.io has approximately twenty employees and plans to expand in Europe and Asia. Its chief executive officer is Tom Wrobleski, who previously served as the chief strategy officer at Korn Ferry. He made more than $500,000 per year there. He is also the founder of biotech advisory firm EcoR1.
The company raised a total of $80 million in the past two years, with $200 million coming from Blumberg Capital and $20 million from Goldman Sachs Growth. The Series B round closed in February 2021. The funding is being used to support Slync’s global customer base.
The company’s former CFO Samar Kamdar has been able to review the financial statements and has found that some of the figures are inaccurate. She has been unable to access other communication channels such as Google Workspace. In addition, she has found that Slync’s operating account only holds about $15,000. This has caused problems with the payroll. In fact, the company has been unable to pay workers for months.
Apparently, Slync.io has a bit of cash to burn, or at least the cash is fungible. This has prompted the company to take a gander at the elusive unicorn and spawn a whole new business line. This is the thorn in my side as I’m a fan of eschewing the boardroom for the pub. I’m not a fan of the slacker model though. A more savage temperament would have led to an unhappy end, albeit a brief one. This has also prompted the company to make the requisite round of hires. A plethora of C-suite level executives are in the know and at the ready if the aforementioned neophyte makes a fool of himself.