SoylentNews

takyon [soylentnews.org] writes:

Soylent acquired by Starco Brands as nutrition company shifts into its 'natural next stage' [techcrunch.com]

Soylent Nutrition [soylent.com] is joining public company Starco Brands [starcobrands.com] as part of an acquisition that will keep the plant-based food technology company operating as a separate unit under its current CEO Demir Vangelov.

As part of the transaction [sec.gov], Vangelov told TechCrunch that he will join Starco's board and is getting shares in the new company, while himself and Soylent's shareholders will become the largest single voting block in Starco. Other financial details were not disclosed.

Bloomberg first reported [bloomberg.com] last May that Soylent was exploring a possible sale, which isn't unusual, but financially speaking, the company was doing well: Vangelov said Soylent was profitable and had been growing over the past few years, including nearly achieving its projected goal of $100 million in run rate for 2022. Getting to profitability, however, was a complicated journey.

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