Boulder-based alternative protein startup Meati is preparing to sell its business for $4 million, despite having raised nearly $450 million in funding, according to court documents reported by BusinessDen.
The company disclosed the planned sale in filings submitted to the Adams County District Court last Friday. Meati CEO Phil Graves assigned the company’s assets to attorney Aaron Garber, who filed a request seeking permission for the buyer—identified only as Meati Holdings Inc.—to take over operations prior to the deal’s closure. Further details about the buyer have not been made public.
Garber stated in the filings that selling the company as a whole, rather than liquidating its assets, would provide the best outcome for creditors and reduce broader financial fallout. As of last week, a judge had not yet ruled on the request.
Although Meati announced a $100 million capital raise in 2024 and expanded its retail presence by 2,000 additional outlets, internal communications obtained by BusinessDen indicate that the company experienced a financial crisis in March of this year. According to a March 7 email from Graves to employees, a lender repossessed a large portion of Meati’s cash reserves—reportedly two-thirds—without advance notice, despite previous assurances that it would not do so.
Cash seizure without warning
The development prompted a warning from Graves that Meati would likely cease operations and that the employment of all 150 staff members would end on May 6, 2025. The layoffs were subsequently made permanent.
At the time of the court filing, Meati reported holding $158 million in assets. Its products, made from mycelium, include meat alternatives such as cutlets, steaks, and breakfast patties, and are available in approximately 7,000 retail locations across the US, including Whole Foods and King Soopers.
