FW: Slync.io blames liquidity issues after employees go month without pay

FreightWaves reports:

After initially blaming an internal administrative error for the failure to pay its North American employees for nearly a month, Dallas-based logistics tech startup Slync.io stated Thursday that its “inability to timely liquidate funds” is the real reason for its ongoing payroll nightmare.

“The company’s recent payroll issues resulted from the company’s inability to timely liquidate funds from an otherwise attractive investment vehicle in order to make recent payroll and not from any funding shortfall,” said Jaime Reints, vice president of marketing at Slync.io, in a statement to FreightWaves. “As a result of the company’s failure to make payroll, our payroll processor terminated its relationship with the company, further complicating our efforts to restore payroll.”

Slync.io maintains that it “has always been and remains a financially viable company.”

Logistics startup valued at $240M

Over the past two years, Slync.io has raised over $70 million, including a $60 million Series B funding round led by venture firm Goldman Sachs Growth, ACME Ventures, 235 Capital Partners, Correlation Ventures and other existing investors, which closed in February 2021. 

Slync.io, a logistics visibility platform that works with shippers, 3PLs and carriers, was co-founded in 2017 by Chris Kirchner, who serves as chairman and CEO, along with Rajan Patel, the startup’s chief product officer, and Varun Dodla, its co-chief technology officer.

According to PitchBook, the tech company has raised nearly $80 million since its inception and has nearly 100 employees…

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