Starco Brands acquired plant-based food product maker Soylent Nutrition for an undisclosed sum.
Since May of last year, the Los Angeles, Calif.-based startup was exploring sale options to tie itself to a larger organization and unlock new levels of growth. As part of the transaction, Soylent's shareholders and founder will receive shares of Starco, making them the single largest voting block in the firm.
- After the transaction is concluded, Demir Vangelov will remain as Soylent's CEO, with Starco confirming that the newly acquired entity will function as a separate business unit.
- Per Vangelov, Soylent was profitable and nearly touched $100M in revenue in 2022.
- To date, the firm has raised over $133M in venture funding.
- Notable backers of the firm include Google Ventures, Andreessen Horowitz, and The Production Board.
