According to a LinkedIn post by founder and CEO Brian Spears, cultivated meat processor New Age Eats has shut down, citing an inability to attract enough investment interest to fund operations.
Spears took responsibility for the closure, mentioning that the company “had no blueprint to develop and commercialize cultivated meat” when it started approximately five years ago. Without revenue during the startup phase, since New Age Eats didn’t have a product to sell yet, recent turmoil in the capital markets sealed the company’s fate.
In January, the company put its nearly completed pilot manufacturing facility in Alameda, Calif., up for sale unexpectedly, stating at the time that “plans change in startup land,” which forced the company to walk away from the significant investment.
