Cultivate meat startup New Age Eats shut down operations after it ran out of capital and failed to secure fresh funding, CEO Brian Spears announced through a LinkedIn post.
The firm had racked up debt and had no immediate plans for product commercialization. Hence, Spears made the "painful decision" to shut down the firm.
- The Berkeley, Calif.-based company raised $32M in total funding from investors, of which $2.7M came through a seed round in 2020, followed by $21M through a Series A round in 2021.
- New Age Eats was building a 23,000-square-foot product manufacturing facility in Alameda, California.
- By Jan. 2023, the plant was 90% completed, with 80% of the required capital already invested.
- The firm's problems started compounding after delays in constructing the facility, forcing Spears to put up the facility for sale.
- After failing to find a buyer for the facility, Spears looked at potential buyers for the entire firm.
- However, potential buyers backed out due to the company's debt.
