Niki Skevak - of Blackbird -“We love being part of the Fable Food Co journey to create more sustainable ways of producing food. 🍄””
👏 Congratulations to our favourite mushroom heads Michael Fox and team on the latest raise, and the international expansion ahead.”
What it Does
Fable, produces a meat alternative made from shiitake mushrooms, coconut oil and sugar,
The Money Raised
Fable raised $6.5 million in fresh funding led by existing investor Blackbird Ventures. money to be used for r and d and international expansion .
Investors include investors include Silicon Valley-based agrifood tech venture firm AgFunder, sustainability and plant-based focused funds Aera VC and Better Bite Ventures, Singapore-based Ban Choon Marketing and ex-Sequoia Capital Partner Warren Hogarth.
Atlassian co-founder Mike Cannon-Brookes invested in Fable’s initial seed round through his investment vehicle Grok Ventures.
The capital raising follows competitor V2Food raising $72 million on the back of booming sales in Australia along with a study by independent think tank Food Frontier and Deloitte Access Economics this year calculating consumer sales of meat alternatives for 2020 topped $185 million.
The Model and Marketplace
It’s model was to supply restaurants (400 of them) - but when Covid hit - they pivoted to supplying retail.
Its products are stocked in Coles, Woolworths and Harris Farm. It is also used by meal kit company Marley Spoon.
Why is this a hot space 🔥
Nick Crocker, partner at Blackbird Ventures, said Fable was trying to create a brand with global recognition. “We have done six investments now into this alternative protein future which is all based on this idea that the way we currently feed ourselves is unsustainable, and we will need alternative ways of producing food,”
“There is a slow but inevitable momentum here as people realise for moral, ethical, health or sustainability reasons that eating like that is a good thing.”
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