Wednesday Mar 29, 2023

Starco Brands Purchases Soylent to Diversify in The Personal Health and Fitness Market

Starco Brands Purchases Soylent to Diversify in The Personal Health and Fitness Market

According to Techcrunch, Soylent Nutrition will become a part of the publicly traded Starco Brands firm as part of an agreement. This will allow the plant-based food technology company to continue to function independently under the leadership of its existing CEO, Demir Vangelov.

Vangelov disclosed to TechCrunch that as part of the deal, he will join Starco’s management, get stock in the new firm, and become a member of the single largest voting group in Starco along with the investors of Soylent. Additional financial information wasn’t made public by both sides.

Soylent, a company founded in 2013 by Rob Rhinehart in San Francisco, focuses on creating a line of drinks, smoothies, and bars that offer a daily serving of vitamins, minerals, lipids, glucose, and protein.

The business has raised over $133 million in venture-backed financing over the previous ten years, bringing in money from companies like Google Investments, Andreessen Horowitz, and The Production Board. The deal seems to be odd as Soylent had sufficient financial support to continue independently.

Starco Brands is a division of The Starco Group, which develops and produces consumer goods for the home, car, and personal care. Insynergy Products was the name under which it first began operating in 2010.

Starco has been on an acquisitions spree over the recent six months, beginning with the September takeover of Art of Sport, a personal care company with an athletic theme that Kobe Bryant co-founded. After that, in January, Starco bought the fragrance maker Skylar.

Soylent is its third purchase and is expected to be its biggest. With this acquisition, Starco Brands wants to gain ground in the market for personal nutrition and fitness.

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