Fable Food Co, a Sydney, Australia-based meat alternative company, raised $6.5m in seed funding.
The round was led by Blackbird Ventures with participation from AgFunder, Aera VC and Better Bite Ventures, Ban Choon Marketing Pte Ltd and Warren Hogarth.
The company will use the funding to increase research and development and expand its production and manufacturing capabilities in Australia and abroad, to accelerate the launch of new meaty mushroom products to market. The funding will also be used to continue the company’s growth and expansion in international markets. Fable has already launched into Singapore and the United Kingdom, and will be launching in the United States by the end of this year.
Launched in December 2019 by Michael Fox, CEO, Fable Food Co is a meat alternative company known for its meaty food made from mushrooms, which are clean label, minimally processed and made with all natural plant-based ingredients. The products are available in Harris Farm Markets, Coles and Woolworths, as well as Marley Spoon and Dinnerly meal delivery kits, and in various restaurant menus around Australia, Singapore, and the UK.
Within its first year of launching, the company signed deals with supermarket giants Woolworths and Coles and specialty grocery chain Harris Farm Markets. Featured on the menus of restaurants in Australia, Singapore, and the UK, and in meal delivery services Marley Spoon and Dinnerly, Fable has launched a range of ready meals to help make plant-based eating more accessible and mainstream.
Earlier this month, the 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.
The company has also appointed Dan Joyce as Chief Growth Officer, who will head up sales and marketing globally and play a key role in expanding the business in the United Kingdom, 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.