Fable Food which is a plant-based food startup based in Sydney, Australia has announced funding. the startup uses mushrooms as an alternative for meat. It has raised AUD 6.5 million which is about $4.8 million in a seed round. The round was led by Blackbird Ventures. The funding round was joined by AgFunder, Aera VC, Better Bite Ventures, Singapore-based Ban Choon Marketing, and Warren Hogarth.
The startup is planning its US launch later this year. It is now available at retailers like Woolworths, Coles, and Harris Farm Markets and in restaurants Like Grill’d in Australia. Fable has also been introduced in markets including Singapore and the United Kingdom.
The startup was co-founded by fine-dining chef turned chemical engineer and mycologist Jim Fuller, organic mushroom farmer Chris McLoghlin and Shoes of Prey founder Michael Fox in 2019. Fox who is now Fable’s chief executive officer told TechCrunch that he became vegan for various reasons including health and ethical reasons. “Talking to my friends and family, a lot of people want to reduce their meat consumption for the same reasons but they find it challenging because they love the taste and texture of meat, and giving it up is hard,” he told them. He looked for ways to help easier transition from meat to plant-based foods. After much research, he met Fuller and McLoghlin who were already making mushroom-based alternatives for meat.
They shared, according to Fox, “a common desire to help end industrial agriculture and wanted to make our food system more ethical, healthy, sustainable and lower its greenhouse gas emissions.”
Fable has appointed Dan Joyce as their chief growth officer to head global sales and marketing. The US launch will be made possible by partnerships with various restaurants and meal kit companies. The funds collected will be utilized for more research and development as well as production and sales in Australia and other countries.
