Venture Capital: Aussie Alternative Meat Startup Fable Food Scores $6.5M Funding

Fable Food makes meaty foods using mushrooms.

Fable Food Co offers meat substitute foods made from Shiitake mushrooms having dense, fleshy fibers and umami flavors that are naturally meat-like. The Sydney, Australia-based startup has raised $6.5 million in a round led by Blackbird Ventures with participation from AgFunder, Aera VC and Better Bite Ventures, Ban Choon Marketing Pte Ltd, and Warren Hogarth. (FINSMES)

Fine dining chef turned chemical engineer and mycologist Jim Fuller, organic mushroom farmer Chris McLoghlin and Michael Fox founded Fable Food in 2019. The startup’s meat alternative products are already carried by supermarket giants Woolworths (ASX: WOW)  and Coles (ASX: COL) and specialty grocery chain Harris Farm Markets.

Fable has launched in Singapore and the UK and plans to make landfall in the US within this year.

The end of industrial animal agriculture

Fable Food’s co-founder and CEO, Michael Fox, said to FoodBev Media: “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”.

“Thanks to the backing and support of Blackbird Ventures, AgFunder, and all of our investors, we will be able to bring our delicious, clean, and responsibly crafted meaty mushroom products to more people around the world.

“We’re continually developing delicious meaty mushroom products to make it as easy as possible 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.”

Pictured: Rogan Josh

Use of funds

Fable Food intends to use the new funds to boost its R&D efforts, scale further its production plants, launch new meaty mushroom products, and expand its presence in more international markets.

Related Story:  HEGG, A New Vegan Egg Product From Singapore

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