Aussie plant-based meat start-up Fable Food Co raises US$8.5 million in funding

Fable raises $8.5m
Aussie start-up partners with fast food franchises. (Source: Supplied)

Fable Food Co, an Australian food company that produces ‘meaty’ food made from mushrooms, has raised US$8.5 million in a Series A funding round. Singapore-based global venture capital firm K3 Ventures is a leading investor alongside Greg Creed, former Global CEO of YUM! Brands (parent company of KFC, Pizza Hut, Taco Bell brands); Professor Peter Singer, Professor of Bioethics at Princeton University known for being one of the intellectual founders of the modern animal rights movement; and Frantz Braha and Adrien Desbaillets, the founders of Singapore based SaladStop!.

Existing investors Blackbird, AgFunder and Aera VC also participated in the round, along with vegan television personality and podcaster Osher Günsberg and his wife Audrey Griffen.

Fable launched in December 2019 and is renowned for having broken new ground in the meat alternative market with its mushroom-based meat products that are clean label, minimally processed and made with all-natural, plant-based ingredients.

Plant-based meat business partners with Grill’d, GYG, The Coffee Club

The company previously had an AU$6.5 million seed funding round in August 2021 and brought its meaty mushroom burger patty to market in partnership with Grill’d. It has since expanded its footprint in Australia following up with nationwide launches at Guzman y Gomez and The Coffee Club.

Last year saw Fable enter the UK market with burger chain Honest Burgers, meal delivery companies Gousto and Planty, and the UK’s first organic supermarket chain Planet Organic. The brand also launched into the United States with plant-based quick service restaurant chain Beatnic, New Zealand with Hell Pizza, and Singapore with SaladStop.

Fable also entered into new brand partnerships in North America, with the launch of its meaty pulled mushrooms into plant-based New York-based meal delivery service CookUnity, cult plant-based restaurant chain The Butcher’s Daughter, as well as Canadian cooked meal delivery service Ethey.

Fable will use the funding to accelerate research and development and the launch of new meaty mushroom products to market and accelerate the company’s growth and expansion in international markets and talent acquisition, with a focus on North America, the United Kingdom and Singapore.

“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,” Michael Fox, Co-founder and CEO of Fable, said.

“We want to inspire the world to make more sustainable food choices,” Fox added. “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.”

This article was first published on sibling website Inside Small Business.