This Mushroom Meat Alternative Just Got an $8.5 Million Investment to Help Revolutionize the Food System
Fable Foods secured the multi-million dollar Series A funding round with support from the likes of ex-global CEO of KFC’s Yum! Brands and esteemed ethical philosopher Peter Singer.
Credit: Fable Foods
The growth of mushroom meat alternatives show no sign of slowing down, as Australia-based Fable Foods raises $8.5 million to support their mission of transforming the food system.
Singapore-based K3 Ventures spearheaded the Series A funding round for the mushroom meat company, with support from aligned investors, including ethical philosopher Peter Singer and Greg Creed, the ex-global CEO of Yum! Brands, the parent company of chains such as KFC, Pizza Hut, and Taco Bell.
Existing investors Blackbird, AgFunder and Aera VC took part in the round, as well as vegan television presenter Osher Günsberg and his wife Audrey Griffen.
“After four decades working in the consumer goods and food industries, first with Unilever, then with Yum! Brands, I have witnessed the changing demands of consumers around the world when it comes to what they eat,” Creed said in a statement.
“I’ve seen plenty of fads and gimmicks along the way and I know one thing that consumers will never compromise on, is taste,” he said. “What Fable has nailed is the intersection of health, sustainability, and taste with their range of mushroom products.”
Fable Food will use the funding to push forward its research and development, release new mushroom meat products, and expand into more international markets, particularly North America, the United Kingdom, and Singapore.
“It’s with great pleasure that we announce our Series A fundraise and welcome our partners along in our mission to end industrial animal agriculture,” said Micahel Fox, co-founder and CEO, in a statement. “Thanks to the backing and support of K3 Ventures and all of our investors, we will be able to accelerate bringing our delicious, clean label, and sustainable meaty mushroom products to every market in the world.”
Credit: Fable Foods
Fable Food was founded in 2019 by fine dining chef and chemical engineer and mycologist (mushroom scientist) Jim Fuller, regenerative agriculture expert Chris McLoghlin, and passionate vegan Michael Fox. The company first debuted its minimally-processed mushroom-based meat in Australian retailers and restaurants, before raising $6.5 million in seed funding in 2021 to launch internationally. Michelin Star chef Heston Blumentha also backed the products, featuring them on his restaurant menus.
This year has already seen Fable Food expand in North America with the launch of multiple partnerships, including New York plant-based food delivery service CookUnity and vegan restaurant chain The Butcher’s Daughter. In March, its mushroom burger slider patties will be the first plant-based option to hit the menu at STK Steakhouse.
“We want to inspire the world to make more sustainable food choices,” said Fox. “We believe that eating more delicious, meaty food made from mushrooms will help the world reduce global meat consumption —without compromising on taste, texture, or experience—and this is how we will be able to achieve a more sustainable food system.”
Fable Food uses agriculturally grown shiitake and agaricus mushrooms for their “natural, meaty umami flavor”, while their fleshy fibers offer an animal-meat like texture. The company also touts that their products are made of “minimally processed plant-based ingredients”.
Protecting Animals and the Planet with Fungi
Credit: Fable Foods
Last year, a study published in the scientific journal Nature found that replacing 20 percent of beef with fungi-based meat alternatives by 2050 could slash deforestation in half. Alternatively, if things carry on the way they are, the global increase in beef consumption is set to double the annual rate of deforestation globally, increasing methane emissions and agricultural water use.
To help find a solution to the environmental devastation caused by animal meat, multiple startups are developing plant-based alternatives using mushrooms thanks to their taste, texture, and versatility, including Meati and MyForest Foods. While these companies use the mycelium - the root-like structure of fungi - Fable Food uses the fruiting body of the fungi.
“Humans have eaten mushrooms for tens of thousands of years and we’ve farmed them for thousands of years,” said Fox. “They’re evolved to be highly nutritious and delicious because the fungi wants us to eat them to help spread their spores.”
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