Darren Cohen, a partner there, had this to say when contacted for comment: And while logistics companies were the VC darlings of 2021 into mid-2022, funding has slowed considerably since then.įor what it's worth (and to Kefer's earlier point), Goldman Sachs hasn't stepped away. Setting aside the fact that hiring might be a challenge, given the company's historical payroll issues, Slync's latest funding tranche was only a fraction of the size of the previous, all-equity tranche - suggesting Kirchner casts a long shadow.
Kefer argues that Slync can stand out - and succeed - in the crowded field, but color me skeptical. Supplier experience management platform HICX landed $30 million not long after, and FourKites - which helps manage global freight shipments - nabbed its own recent $30 million tranche as part of an earlier-announced, strategic partnership with FedEx. Tive and Altana, firms developing supply chain visibility tools, recently raised $54 million and $100 million, respectively.
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By one estimate, the market for supply chain management software was valued at $15.8 billion in 2022. There’s a lot of tech out there, and that’s part of the problem, because it's created disconnected silos of data and operational tools," Kefer said.īut lots of startups do the same.
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"Slync provides a technology platform that allows large global shippers to finally do away with manual processes that continue to plague the logistics industry. Drawing on a range of data sources including enterprise resource management systems, customer relationship management systems, and transport management systems, visibility service providers, email, PDFs and spreadsheets, Slync attempts to highlight key information for users, offering collaboration tools and "role-based" workflows for communicating and sharing that info. "But this infusion of funds is also an indication that our investment partners see the potential in Slync’s technology."Īt a high level, Slync connects disparate shipping and logistics systems, ingesting and processing data to (ideally) automate various repetitive processes. "Obviously the fact that we just raised $24 million helps us weather a lot in the coming months," Kefer said. Small Business Administration’s Paycheck Protection Program. To date, Slync has raised a total of more than $100 million in venture debt and equity, excepting a loan it received as a part of the U.S. Kefer claims that the new cash will be primarily put toward "expanding the scope" of Slync's technology beyond containerized freight, air freight and specialty cargo processes - its current focuses.
He also said that the company has plans to expand the team "substantially" over the next year and that annual recurring revenue is "growing rapidly," although he wouldn't divulge the size of Slync's customer base. Kefer disclosed that Goldman Sachs led Slync's latest round (with participation from Blumberg Capital, ACME Ventures, Gaingels) and "remains committed to the Slync value proposition," despite the recent turmoil. During all this, the startup lost its chief marketing officer, chief revenue officer and chief financial officer. The company fell behind on payments to vendors, as well as the NHL's Dallas Stars, which Slync was sponsoring at the time.
Meanwhile, some of Slync's staff went months without pay.
He told private bankers that the $20 million, which amounted to 40% of the $50 million Slync raised from angels and venture firms, represented "a distribution from my company" - a distribution that Slync's board of directors never authorized.
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Slync's founder, Christopher Kirchner, was charged by the Justice Department and Securities and Exchange Commission (SEC) this month for misappropriating $20 million from the company to fund a lavish lifestyle, including a $16 million private Gulfstream jet, pro golf tournaments, a $495,000 luxury suite at a local sports stadium and failed bids for English soccer clubs. Supply chain management software startup Slync, which was at one point valued at $240 million, hasn't had the easiest go of it lately.
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