Silo Team Raises $1.16 Million USD
in Pre-Seed Funding.
LONDON, April 17,
2024 /PRNewswire-PRWeb/ -- Silo Team, founded by
brother and sister Rasmus Stjernström and Ida Stjernström, has
secured a $1.16 million USD pre-seed
funding round led by Pitchdrive and Fuel Ventures. They are on a
mission to dramatically reduce developer turnover—an issue that is
profoundly expensive for every industry.
Estimates vary, but most studies on the cost of replacing a
developer range from 0.75x to 2x their annual salary. For example,
finding a replacement for a developer who earns $90,000 per year could cost a company anywhere
from $67,000 to $180,000. These costs arise from the need to
find, hire, and train someone new, along with the loss of work
while that person is getting up to speed.
Addressing the rampant issue of developer turnover, which ranks
among the highest, requires tackling systemic problems such as
chaotic onboardings, disorganised knowledge silos, and limited
automation. Silo Team's solution begins with an advanced onboarding
tool that ensures new developers are effectively integrated and
productive from the start.
Looking ahead, Silo Team aims to evolve this initiative into a
comprehensive platform that enhances the entire developer lifecycle
by leveraging AI to streamline knowledge management and automate
key workflows.
The funding round attracted significant backing, co-led by
Pitchdrive (Belgium) and Fuel
Ventures (United Kingdom). It was
further bolstered by investments from Genesis Ventures
(Greece), StartupIst Ventures
(Estonia), ROI Ventures
(Austria), and a group of angel
investors, including Michael
Proszynski (Sweden) and
Ferdinand Dietrich (Austria), and others.
"Our mission is to position Silo Team as the essential tool for
enhancing accessibility to technical knowledge and substantially
boosting time-to-code productivity. Our project, backed by an
exceptional engineering team led by Serge
Kotlyarov, our CTO, is designed to equip developers with
what they need for quick adaptation and impactful contributions,
enhancing collaboration and productivity within any team" stated
Rasmus Stjernström, CEO.
"The feedback from early build partners has been overwhelmingly
positive, and it reflects the hard work and dedication we've put
into this project" added Ida Stjernström, CCO.
"Partnering with Silo Team is a strategic move that aligns with
our commitment to supporting innovative companies reshaping their
industries, and we are very confident in the Stjernström's vision
and are excited to be part of their growth story," said
Koen Christiaens from Pitchdrive, a
firm co-leading the investment with Fuel Ventures.
Fuel Ventures echoed the sentiments of Pitchdrive. "We're hugely
excited to be joining Silo Team's journey towards changing how
technical talent fundamentally interact and engage with an
organisation. Rasmus and Ida's vision and balance of skills is
exceptional, and we're all raring to go." commented Mark Pearson, Founding Partner of Fuel
Ventures.
Pär Hedberg, founder of Sting, the Stockholm-based startup accelerator program
from which Silo Team emerged, is thrilled about the startup's
success.
"We are immensely proud of what Rasmus and Ida have accomplished
with Silo Team," said Hedberg. "Their success is a clear indication
of the innovative spirit that we foster at Sting. This investment
round will undoubtedly propel them to new heights."
About Silo Team:
Silo Team (TopCo: Stair Path AB 559393-4887) is a Swedish and
UK-based company founded by brother and sister Rasmus Stjernström
and Ida Stjernström. The company was part of Sting Accelerate in
Stockholm and Forward's Funding
Lab in London and has since been
making waves with its innovative developer on/offboarding and
retention platform.
For more information, visit www.silo.team.
Media Contact
Rasmus Stjernström, Silo Team, 46 (0)
73-551 98 64, support@silo.team, https://www.silo.team/
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SOURCE Silo Team