SWAP Food, a French plant-based producer, has entered judicial liquidation after failing to reach commercial scale despite raising over €100 million since its founding in 2020. The company, formerly known as Umiami, will cease operations by June 30, with an asset sale process expected to conclude by July 1. The company's proprietary texturising platform for plant-based fillets was not enough to secure further funding from key backers Astanor Ventures and Bpifrance, leading to its financial downfall.

SWAP's US operations, which entered the North American foodservice market in late 2024, are also at risk as part of the sale process. CEO Hervé Salomon cited challenges in the meat substitute market slowdown, financial structure, and investor interest as key hurdles that the company could not overcome. If no buyer is found, SWAP's US operations will also cease in early July, marking a significant setback for the plant-based producer.