-KH News Desk (cbedit@imaws.org)
The Australian company Fable Food Co., which creates meat substitutes based on mushrooms, has raised $8.5 million in Series A funding to enhance product development and quicken its entry into the US and UK markets.
A fine dining chef, a chemical engineer, a mycologist, an organic mushroom farmer, and a vegan entrepreneur formed Fable Food. In Australia, New Zealand, the United States, Canada, the United Kingdom, and Singapore, restaurants and meal delivery services may offer the startup’s meat alternatives produced with shiitake mushrooms, coconut oil, and soy protein on their menus.
In addition to former Yum! Brands executive Greg Creed, Princeton University professor Peter Singer, and SaladStop! founders Frantz Braha, the fundraising round was led by Singapore-based K3 Ventures.
“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.”
Earlier, Fable Food Co. secured A$6.5 million in startup money. In the Series A round, previous investors Blackbird, AgFunder, and Aera VC joined forces with television celebrity Osher Günsberg and his wife, Audrey Griffen. Michael Simkin and Better Bite Ventures are two more investors.
“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.”
