Fable Food raises $6.5m to launch more meaty food from mushrooms

Michael Fox, Co-founder and Chief Executive Officer of Fable

Fable Food Company, the Australian meat alternative pioneer popularly known for its meaty food made from mushrooms, has raised $6.5 million in a seed funding round.

Blackbird Ventures led the round, with Silicon Valley based agrifood tech VC AgFunder, plant-based focused funds Aera VC and Better Bite Ventures, along with Singapore based Ban Choon Marketing Pte Ltd and ex-Sequoia Capital Partner, Warren Hogarth.  

Why is Fable Food attracting funding?

Fable Food Company launched in December 2019, with the main priority of forging new ground in the meat alternative market with its mushroom based meat products.

Leveraging the nutritious benefits and natural umami flavours of mushrooms that help make meat so appealing, Fable’s delicious meaty mushroom products are clean label, minimally processed and made with all natural plant-based ingredients. 

Endorsed by celebrity chef Heston Blumenthal, who features it on the menus of his Michelin Star restaurants, Fable’s meaty mushroom products were developed drawing from the decades of expertise of resident fine dining chef and mushroom scientist Jim Fuller. 

The funding comes after the startup brought their flagship meaty pulled mushrooms to market, and amid a surge in consumer demand for healthy plant-based meat products.

Within its first year of launching, the company inked deals with supermarket giants Woolworths and Coles and specialty grocery chain Harris Farm Markets.

Featured on the menus of restaurants and meal delivery services Marley Spoon and Dinnerly, Fable’s range of ready meals makes plant-based eating more accessible and mainstream. 

Earlier this month, the Fable Food Company launched their proprietary Meaty Mushroom Burger Pattie in partnership with healthy burger chain, Grill’d.

Fable’s Meaty Mushroom Burger Pattie is featured on 3 plant-based burgers on all 136 Grill’d restaurants stores across the country, as well as on a limited edition burger created by Heston Blumenthal, exclusively available in select Grill’d restaurants for 2 weeks. 

Fable will increase research and development, expand its production and manufacturing capabilities to accelerate the launch of new meaty mushroom products to market.

The funding facilitates the company’s growth and expansion in international markets.

Fable Food Company has already launched into Singapore and the United Kingdom, and will be launching in the United States of America by the end of this calendar year. 

The company has also appointed Dan Joyce as Chief Growth Officer, to head sales and marketing globally while expanding the business in the UK, the United States and Asia.

Joyce previously held the position of General Manager of Europe, the Middle East and Africa for SafetyCulture, where he led the go-to-market efforts in the region, growing the customer base to over 10,000 business customers with a team of 100 employees located in the UK.

Comments on Fable Food’s funding round

Michael Fox, Co-founder and CEO of Fable said, “We’re thrilled to have partners dedicated to creating a more sustainable future, and who believe in our mission to help people reduce their meat consumption and ultimately end industrial animal agriculture.”

“The backing of Blackbird Ventures, AgFunder and all our investors, enables us to bring our delicious, clean, and responsibly crafted meaty mushroom products to more people globally.” 

“We develop delicious meaty mushroom products to make it easy for people to eat less meat. We want to inspire people to make more healthy and sustainable food choices, and we believe that people shouldn’t have to compromise on taste or quality to do so.” 

“We are looking forward to expanding in Australia and overseas markets. We are therefore extremely excited to have Dan Joyce join us as our Chief Growth Officer.”

“He did an incredible job helping build SafetyCulture and we’re thrilled to have his expertise as we continue to bring more delicious meaty food made from mushrooms to diners globally.”

Nick Crocker, General Partner of Blackbird Ventures said, “Fable is a pioneer in the meat alternative sector with their meaty mushroom products. Blackbird is proud to be on the journey with the team as they set out to solve one of the most pressing issues facing the planet.”

“Michael and my friendship goes back nearly two decades – to see a founder like him be so mission driven is one of the great joys of this job.”

Derek Handley, Founding Partner of Aera VC said, “We’ve been backing radical solutions to reverse climate change since 2017 and search for founders aiming to build a global icon.”

“The Fable team fits the bill with their breakthrough meaty mushroom products. They’re carving a unique path to a sustainable future. We are excited for them to join our stable of incredible founders reshaping the future of food and combating climate change.”