Silo Team Raises $1.16 Million USD to Tackle Global Developer Turnover, a Challenge Costing Companies Billions

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, [email protected], https://www.silo.team/

SOURCE Silo Team