Australia’s plant-based meat company Fable Food has successfully raised A$6.5 million (US$4.8 million) in a seed funding round led by Blackbird Ventures, which had already invested in Fable via its initial A$1.5 million (US$1.1 million) capital raise in 2019. Other investors in the latest funding round include AgFunder and Singapore-based Ban Choon Marketing amongst others.
Fable brand of meat alternatives are made with shredded shiitake mushroom stems as the base ingredient (62%), which its founders claim as superior in taste and texture to other vegetable protein products on the market. The product is minimally blended with other all-natural plant-based ingredients.
The company’s current manufacturing set-up uses a contract manufacturer in Singapore with capacity to produce 150 tonnes a month. The new funding will go towards R&D and the expansion of its manufacturing capabilities in the domestic market and overseas.
The pandemic saw drastic change in roll-out of Fable products shifting from hospitality to retail as lockdowns took effect. Within a year, it had rolled out into Woolworths, Coles, Harris Farm Markets and signed a deal with meal delivery service Marley Spoon. It has also launched into Singapore and the UK, with plans for a US launch by the end of the year.
Fable has also recently announced a deal with Australia burger chain Grill’d for its proprietary Meaty Mushroom Burger Pattie to be used on 3 plant-based burger offerings.