Silo Team Secures over $1 Million in Funding to Combat High Developer Turnover Costs

LONDON, UNITED KINGDOM, April 17, 2024  -- Silo Team, established by siblings Rasmus Stjernström and Ida Stjernström, has successfully raised over $1 million USD in a pre-seed funding initiative spearheaded by Pitchdrive and Fuel Ventures. The company aims to significantly mitigate developer turnover, a pervasive issue that imposes hefty costs across all sectors.

Research indicates that the expense of replacing a developer can be between 75% to 200% of their annual salary. For instance, replacing a developer with an annual salary of $90,000 could cost a business between $67,500 and $180,000. These figures account for the recruitment, training, and productivity loss during the transition period.

Silo Team addresses this challenge by focusing on solutions for systematic issues like disorganized onboarding processes, scattered knowledge management, and lack of automation. Their innovative onboarding tool is designed to ensure seamless integration and immediate productivity for new developers.

With ambitious plans for the future, Silo Team intends to develop their offering into a comprehensive platform that supports the entire lifecycle of a developer. This expansion will include AI-driven tools to enhance knowledge management and automate critical workflows.

The funding round drew considerable support, co-led by Belgium’s Pitchdrive and the UK’s Fuel Ventures, with additional contributions from Genesis Ventures, StartupIst Ventures, ROI Ventures, and several angel investors including Michael Proszynski and Ferdinand Dietrich.

Rasmus Stjernström, CEO, emphasized the company’s goal to become a pivotal resource in improving access to technical knowledge and accelerating the coding efficiency of teams. "Our engineering team, under the leadership of CTO Serge Kotlyarov, is poised to deliver tools that significantly cut down onboarding times and boost overall team productivity," he commented.

Ida Stjernström, CCO, shared the enthusiastic feedback from initial partners, highlighting the team's commitment and effort in refining their product.

Koen Christiaens of Pitchdrive and Mark Pearson of Fuel Ventures both expressed their excitement and confidence in the strategic partnership with Silo Team, underscoring the innovative approach Rasmus and Ida have taken in reshaping interactions within technical environments.

Pär Hedberg, founder of the Sting accelerator in Stockholm, praised the Stjernströms for their progress and innovation, reflecting the dynamic culture promoted at Sting.

About Silo Team:

Based in Sweden and the UK, Silo Team, under the parent company Stair Path AB, was part of Stockholm's Sting Accelerate and London's Forward’s Funding Lab. The firm is gaining recognition for its cutting-edge solutions in developer onboarding and retention.

For further details, visit www.silo.team