SUNSHINE COAST, AUSTRALIA — Fable Food Co., an Australian maker of meat alternatives based on mushrooms, has raised $8.5 million in Series A funding to support product development and accelerate its expansion into the United States and United Kingdom.
Fable Food was founded by a fine dining chef, chemical engineer and mycologist, an organic mushroom farmer and a vegan entrepreneur. The startup offers meat substitutes made with shiitake mushrooms, coconut oil and soy protein that may be found on the menu of restaurants and meal delivery services throughout Australia, New Zealand, United States, Canada, the United Kingdom and Singapore.
The funding round was led by K3 Ventures, based in Singapore, with participation from former Yum! Brands leader Greg Creed, Princeton University professor Peter Singer, and SaladStop! founders Frantz Braha and Adrien Desbaillets.
“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,” said Michael Fox, co-founder and chief executive officer of Fable Food Co. “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.
“We want to inspire the world to make more sustainable food choices. 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.”
Fable Food Co. previously raised A$6.5 million in seed funding. Existing investors Blackbird, AgFunder and Aera VC participated in the Series A round, as well as television personality Osher Günsberg and his wife, Audrey Griffen. Additional investors include Michael Simkin and Better Bite Ventures.
“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,” Mr. Creed said. “I’ve seen plenty of fads and gimmicks along the way, and I know one thing that consumers will never compromise on is taste.“What Fable has nailed is the intersection of health, sustainability and taste with their range of mushroom products. Their early success in retail and restaurants with the likes of Grill’d and Guzman y Gomez drew my attention, but it’s their team and mission that secured my investment in them. Blending their obsession with mushrooms and clean ingredient ethos with real world experience, the Fable team is going to cut through the clutter and win over consumers around the world.”
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