Paris-based alt meat firm SWAP Food (formerly UMIAMI) has been placed into judicial liquidation and ceased activities today (June 15) according to emails sent to industry stakeholders this week.
The firm, which was founded in 2020 and has secured more than €100 million ($116 million) in debt and equity from backers including The Sociétés de Projets Industriels (SPI) fund and Astanor Ventures, explained: “We regretfully inform you that UMIAMI, the parent company of UMIAMI USA Inc (dba SWAP Food), was placed into judicial liquidation by judgment of the Paris Economic Activities Court.
As part of the judicial liquidation proceedings, the company has “initiated a sale process for its assets, including UMIAMI USA Inc, which is expected to conclude July 1,” says the firm. “Should this process be unsuccessful, UMIAMI USA Inc will also cease its activities in early July.”
According to French corporate registry site Pappers, the business—which brought in former Mondelēz exec Hervé Salomon as CEO in May 2025—had €16.5 million ($19.1 million) in debts in December 2024.
Revenues in that year were €4.5 million ($5.2 million), the bulk of which came from what is listed in the accounts as “ancillary activities” as opposed to finished products.
According to a BODACC notice—an official French commercial/legal notice published from court registry records—the Paris Economic Activities Court opened judicial liquidation proceedings against Umiami on April 29 and appointed Selafa MJA, represented by Me Lucile Jouve, as liquidator, and Selarl 2M & Associés, represented by Me Marine Pace, as administrator.
Creditors were given two months from publication in BODACC on April 29 to file their claims with the court-appointed representative or via the official electronic portal.
Global ambitions
Best-known for its “Umisation” texturizing platform to transform plant proteins into structured fibers without high heat or pressure, SWAP Food entered the US foodservice market in the fall of 2024. According to its website, the products—which are manufactured in France—are distributed in the US and Canada by firms including Gordon Foodservice, Sysco Canada, and Dot Foods.
The firm, which acquired a production facility from Unilever near Strasbourg in December 2022, partnered with Heura Foods in April 2025 to launch a whole-cut chicken breast in leading supermarkets in France, Spain, and Portugal.
AgFunderNews has contacted CEO Hervé Salomon for comment.
SWAP Foods is one of several players making whole cut meat alternatives, from Israel-based Chunk Foods to Switzerland-based Planted to Slovenia-based Juicy Marbles, Indonesia-based Green Rebel Foods, Germany-based Project Eaden, US-based MyForest Foods and Mooii Meats, and Spain-based Novameat.
Their fortunes have been mixed, with Meati spectacularly imploding last year but Chunk Foods on track to become profitable late next year aided by rapid growth in foodservice, new US retail contracts, and a capex-light business model.
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