Swap: French Plant-Based Chicken Startup Replaces SEO, Seeks Emergency Funding

French plant-based chicken startup Swap, formerly known as Umiami, is facing financial difficulties with the need for emergency funding. The company recorded weak sales, leading to co-founder Tristan Maurel stepping down as CEO and being replaced by Hervé Salomon. Swap requires $10M by the end of the year and a total of $34.1M by 2026 to stay afloat, despite receiving investments of $107M since its founding in 2019.

Despite efforts to expand internationally and rebrand as Swap, the company has struggled amidst a slowdown in the plant-based meat industry. Retail sales of plant-based meat have declined, affecting companies like Beyond Meat as well. Additionally, other plant-based startups globally have faced financial challenges, with some being forced to cease operations or declare bankruptcy. Consumer trends in France are shifting towards whole foods, with the government even attempting to ban meat-related terms on vegan packaging labels.