Plant-based food and beverage maker Soylent is exploring a potential sale, according to a report in Bloomberg on Tuesday.
Citing a source with knowledge of the matter, as well as a document shared with prospective bidders for the company, Bloomberg states that California-based Soylent is engaged with an adviser to explore various strategic options, including soliciting bids from strategic buyers and private equity firms.
The document reports that Soylent is projected to surpass $75 million in annual revenue this year, an increase of around 19% over 2021; based on a multiple of that number, the document suggests, the company could potentially see an exit north of $225 million.
Having been initially embraced by tech workers in Silicon Valley, Soylent has evolved over the years from a soy protein-based meal replacement drink into a complete nutritional platform aimed at mainstream consumers and retail outlets – thanks in large part to over $75 million in funding from backers like GV (formerly Google Ventures), Lerer Hippeau Ventures and Andreessen Horowitz. In addition to its flagship complete meal shakes, the brand offers snack bars, powders and protein and energy drinks across a variety of channels including 7-Eleven, Publix and Walgreens.
A spokesperson for Soylent declined to comment on this story.