(Bloomberg) -- Soylent, a maker of plant-based protein drinks and other meal-replacement products, is exploring strategic options including a sale, according to a person with knowledge of the matter and a document sent to prospective buyers.

The company -- backed by investors including Alphabet Inc.’s venture arm GV and Andreessen Horowitz -- is working with an adviser to solicit interest from strategic buyers and private equity firms, said the person, who asked not to be identified discussing a private matter. 

Soylent may fetch $225 million or more in any transaction, based on a multiple of its revenue, which is projected to top $75 million in 2022, according to the document, which was reviewed by Bloomberg News. Sales reached $63.3 million last year, predominantly driven by the company’s ready-to-drink products and supplemented by its powders and nutritional bars. 

A Soylent spokeswoman declined to comment. 

Led by Chief Executive Officer Demir Vangelov, the former chief financial officer of Califia Farms, the company has in recent years sought to appeal to mainstream consumers rather than the time-poor coders or “tech bros” who were its earliest adopters.

The company, which ships directly to consumers, has broadened its distribution channels and is stocked by retailers such as Walmart Inc. and Costco Wholesale Corp. It uses soy protein, unlike rival plant-based products made with pea protein. 

As sustainability becomes a larger focus for consumers and investors, companies have been turning to alternative proteins. ADM, which agreed in 2021 to buy European plant-based protein maker Sojaprotein, said last month it’s investing $300 million to expand its alternative meat producing complex in Decatur, Illinois. Separately, Tate & Lyle Plc last week said it acquired chickpea protein and flour producer Nutriati.

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