The company, which uses precision fermentation to produce animal-free heme proteins for plant-based meat and fish alternatives, will significantly reduce its Belgium-based staff located at the R&D Center in Leuven.
The company flagged challenging market conditions in the broader plant-based and food technology industries. “Our technology works—every partner and taster who experiences our ingredient recognizes its transformative potential,” says Hermes Sanctorum, CEO of Paleo. “However, the current market and funding environment require us to prioritize: maintaining our core R&D.” The decision is a “challenging but necessary step” to ensure Paleo’s innovation endures, he added.