Australian meat alternative start-up Fable Food Co, known for its mushroom based, plant-based foods, has raised US$8.5 million in a Series A funding round, with Singapore based K3 Ventures leading the round.
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. It will also use the capital to fund product development, scale up production and accelerate expansion into the US and UK.
K3 Ventures led the round with participation from Greg Creed, former global CEO of YUM! brands (parent company of KFC, Pizza Hut, Taco Bell brands); animal rights advocate Professor Peter Singer, professor of bioethics at Princeton University; and founders of Singapore based SaladStop! Frantz Braha and Adrien Desbaillets.
Launched in December 2019, and endorsed by chef Heston Blumenthal, who features Fable on the menus at his Michelin Star restaurants, Fable’s meaty mushroom products are clean label, minimally processed and made with all natural plant-based ingredients.
In 2020, Fable introduced a ready meals range, 12 months after the launch of its flagship Plant-Based Braised Beef, and four months after the brand launched into over 600 Woolworths locations nationwide.
Fable announced 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 Fable launched into the UK 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 US with plant-based quick service restaurant chain Beatnic (formerly By Chloe), New Zealand with Hell Pizza, and Singapore with SaladStop!
Michael Fox, co-founder and CEO of Fable, said with the backing and support of K3 Ventures and investors, Fable would be able to accelerate bringing 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,” said Fox
Kuok Meng Xiong, managing partner of K3 Ventures, said Fable was reshaping the future of food.
“K3 is proud to get behind Fable’s mission to inspire people to make food choices that are better for their health and the environment. We're excited to be a part of the next stage of Fable's growth and to support their ambitions to combat arguably one of the biggest issues of our time – climate change,” said Meng Xiong.
Fable will use the funding to accelerate research and development and the launch of new meaty mushroom products to market. The funding will also be used to accelerate the company’s growth and expansion in international markets and talent acquisition, with a focus on North America, the United Kingdom and Singapore.
