Swap Food Enters Judicial Liquidation As It Runs Out Of Road
© SWAP
French plant-based producer SWAP Food, formerly known as Umiami, has been placed into judicial liquidation by the Paris Economic Activities Court. The company, which had raised more than €100 million since its founding in 2020, will continue operations until June 30, with an asset sale process expected to conclude by July 1, as reported by AgFunderNews.
The Paris-based company built its offer around a proprietary texturising platform capable of producing structured plant-based fillets without high heat or pressure. It acquired a production facility from Unilever in Duppigheim, Alsace in December 2022, but was ultimately unable to reach commercial scale despite the investment.
US operations also at risk
According to L’Usine Nouvelle, key backers Astanor Ventures and Bpifrance declined to provide further funding. The sale process includes SWAP’s US operations, which had entered the North American foodservice market in late 2024 through distributors including Gordon Foodservice and Sysco Canada. If no buyer is found, US operations will also cease in early July.
CEO Hervé Salomon, who joined the company in 2025, told AgFunderNews: “The global meat substitute market slowdown, company financial structure (underutilized asset, heavy debt) and lower appetite from the investor community for low scale/high burn businesses were key hurdles we could not overcome, despite improved performance.”
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