French seafood alternatives company Olala has ceased operations after just over three years in business.
The company was founded in Paris, France, by François Blum and Simon Ferniot in October 2021. It offered a range of plant-based alternatives to popular seafood products, including tuna and salmon.
In a statement shared on LinkedIn, the company said it had ‘not found its market’ and was unable to reach a sufficient level of turnover to sustain its operations, stating that its industrial model required ‘a different market dynamic’.
The announcement coincides with the company obtaining the IFS Food certificate for its production plant in Boulogne-sur-Mer. Olala was also expecting to launch two new products over the next two years, co-founder Ferniot told The Plant Base in a recent interview for a wider feature on seafood alternative innovation.
Olala’s statement reads: “It is difficult to predict whether the world of plant-based alternatives to animal products will be a market of the future, but we can testify to the very strong resistance that persists among foodservice players.”
“Still too few of them accept, in the current economic conditions, [seeing] their food costs increase, even if it is for excellent environmental reasons (overfishing, state of the oceans) or health reasons (heavy metals, pollution, quality of farmed fish). This experience, despite its premature end, was an enrichment for all those who contributed to the existence of this company and its products, thus offering the public a new way of eating that is more respectful of our oceans.”
The company apologised to suppliers left with unpaid invoices following the closure, and thanked its team, customers, partners and investors, who included Senseii Ventures, Bpifrance and Algama Foods.
The statement concluded: “This experience, despite its premature end, was an enrichment for all those who contributed to the existence of this company and its products, thus offering the public a new way of eating that is more respectful of our oceans. A page is turning but the adventure of more sustainable food continues!”
