French plant-based meat startup Swap Food, formerly known as Umami, has entered liquidation and ceased operations in France. The company, known for its whole-cut vegan chicken, is facing closure in the US unless a buyer is found. Despite having raised over €100M since its founding in 2019, Swap Food accumulated €16.5M in debt in 2024, with its turnover totaling just €1M.

The company's struggles come amid a rise in plant-based meat sales in France, where meat consumption has been declining. Despite efforts to turn the business around after replacing its CEO last year, Swap Food's factory struggled to scale up production. The company's failure to secure funding and its premium pricing compared to meat have contributed to its challenges, leading to a potential shutdown of operations in the US as well.