Fable Foods’ Meaty Mushrooms Land $8.5 Million As Flexitarians Eat Up Healthy Alternatives
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The Australian mushroom startup has secured a $8.5 million Series A round with a diverse group of backers including Princeton Professor Peter Singer, K3 Ventures and former YUM! Brands CEO Greg Creed.
Fable Food Co, the Australian startup making meaty mushroom products, has raised $8.5 million in a Series A round. The round was led by global venture capital firm K3 Ventures, based in Singapore, and included participation from several influential figures including former YUM! Brands CEO Greg Creed, renowned ethicist and Professor Peter Singer of Princeton University, and Asian fast-casual chain SaladStop! founders Frantz Braha and Adrien Desbaillets.
Existing investors Blackbird, AgFunder and Aera VC participated in the round too, as well as vegan personality Osher Günsberg and his wife Audrey Griffen.
“It’s with great pleasure that we announce our Series A fundraise and welcome our partners along in our mission to end industrial animal agriculture. Thanks to the backing and support of K3 Ventures and all of our investors, we will be able to accelerate bringing our delicious, clean label, and sustainable meaty mushroom products to every market in the world,” said Micahel Fox, co-founder and CEO.
Fable’s existing investors include Michael Simkin, the Executive Producer of Netflix Documentary Series Down To Earth With Zac Efron, and APAC alternative protein fund Better Bite Ventures.
Since its launch in December 2019, the company has been revolutionizing the meat alternative market with its clean-label, minimally processed, and natural mushroom-based meat products. The company received a major endorsement from Michelin Star chef Heston Blumenthal, who now features Fable’s meaty mushrooms on the menu of his restaurants.
Professor Peter Singer, who many credit with being the father of the effective altruism movement, said in a statement that he was delighted to “be able to invest in a company that seeks to end industrial agriculture by making plant-based food I love to cook with.”
Less than two years after its debut, Fable landed $6.5 million in a seed round and introduced its meaty mushroom burger patty in a partnership with Grill’d. The brand has since expanded its presence in Australia and its products are now available in several international markets including the UK, the US, New Zealand, and Singapore.
Last year saw Fable launched in the U.K. with burger chain Honest Burgers, meal delivery companies Gousto and Planty, and organic supermarket chain Planet Organic. In addition, the brand was added to the menu of U.S. plant-based quick service restaurant chain Beatnic (formerly By Chloe), New Zealand’s Hell Pizza, and SaladStop! in Singapore.
This January, the company announced more US brand partnerships with plant-based New York-based meal delivery service CookUnity and trendy restaurant chain The Butcher’s Daughter.
Fable’s latest funding will be used to further research and development and to push out new meaty mushroom products, as well as accelerate the company’s growth and expansion in international markets with a focus on North America, the UK, and Singapore. The company has already started the year on a high note with new brand partnerships in North America and will soon be expanding its US footprint with the launch of its mushroom burger slider patties at STK Steakhouse.
Versatile, natural, delicious
With a focus on using mushrooms as the key ingredient, specifically Shitaake mushrooms, Fable creates meaty, flavorful dishes that harness the natural umami flavors and health benefits of mushrooms. The company touts “minimally processed plant-based ingredients” as a key feature for consumers looking to reduce animal meat consumption with a tasty, nutritous alternative.
Mushrooms also offer several health benefits. For instance, some mushrooms are known to have anti-inflammatory properties and can help boost the immune system. In addition, mushrooms are low in calories, fat, and carbohydrates, making them an excellent choice for those who are health-conscious.
Fable was founded by a team of experts including fine dining chef Jim Fuller, chemical engineer Chris McLoghlin, and former Shoes of Prey co-founder and vegan Fox. Together, they are committed to creating a more sustainable food system through the promotion of plant-based alternatives and the use of mushrooms as a key ingredient.
A rise in demand for meat alternatives
As Fox says, “We believe that eating more delicious, meaty food made from mushrooms will help the world reduce global meat consumption – without compromising on taste, texture, or experience – and this is how we will be able to achieve a more sustainable food system.”
The company said that with the increasing demand for plant-based alternatives and the growing recognition of mushrooms as a healthy and versatile ingredient, it believes it is positioned for continued success.
Creed noted that “after four decades working in the consumer goods and food industries, first with Unilever, then with YUM Brands, I have witnessed the changing demands of consumers around the world when it comes to what they eat. I’ve seen plenty of fads and gimmicks along the way and I know one thing that consumers will never compromise on, is taste.” He added that while Fable’s success in both retail and foodservice caught his attention early on, it’s the “team and mission that secured my investment in them.”