Queensland meat different startup Fable has raised US$8.5 million (A$12.3m) because it  ramps up its enlargement in international markets.

The spherical was led by Singapore VC 3 Ventures, supported by Higher Chew Ventures, former YUM CEO Greg Creed, the expat Australian ethicist and animal rights campaigner Professor Peter Singer, SaladStop founders Frantz Braha and Adrien Desbaillet, TV star Osher Günsberg and his spouse Audrey Griffen, and TV producer Michael Simkin. Present traders Blackbird, AgFunder and Aera VC additionally chipped in.

Fable additionally has Atlassian’s Mike Cannon-Brookes on its cap desk by way of his household fund, Grok, and British chef Heston Blumenthal.

The increase comes 18 months after Fable raised $6.5 million in a seed spherical in 2021. It’s now taken greater than $20 million in enterprise capital on board.

Primarily based on Queensland’s Sunshine Coast, Fable launched in December 2019, cofounded by former Sneakers of Prey cofounder Michael Fox, with chef and mycologist Jim Fuller, and natural mushroom farmer Chris McLoghlin.

Fable makes vegetarian “meat” from shiitake mushroom stems to mimic beef brisket and pulled pork and has launched a spread of ready-made meals.

Fable cofounder Jim Fuller (centre) with Darin Olien and Zac Efron, co-presenters of the Netflix collection Down To Earth

The money injection will speed up analysis and growth the launch of recent mushroom merchandise, and worldwide enlargement with a concentrate on North America, the UK and Singapore.

Subsequent month, Fable can be increasing its US footprint with the nationwide launch of its mushroom burger slider patties at STK Steakhouse, the chain’s first plant-based menu possibility.

Taking a leaf out of the V2foods playbook, a three way partnership between CSIRO and Hungry Jacks founder Jack Cowin, who has the product on the menu because the Insurgent Whopper, Fox and the Fable group have constructed their model by way of quick meals shops, together with native burger chain Grill’d, which companies its mushroom burger pattie, plus Guzman y Gomez and The Espresso Membership, in addition to UK chain Sincere Burgers, the US plant-based model Beatnic (previously By Chloe), New Zealand’s Hell Pizza, and Singapore’s SaladStop!.

You’ll additionally discover Fable merchandise in native supermarkets.

Final yr Fable launched into the UK by way of meal supply corporations Gousto and Planty, and grocery store model Planet Natural.

Fable kicked off 2023 with new US partnerships, together with New York-based meal supply service CookUnity, and cult plant-based restaurant chain The Butcher’s Daughter, in addition to Canadian meal supply service Ethey.

The North American push reveals the ambition of Fox and buddies, taking over the would possibly and capital of Silicon Valley-backed Past Meat and Not possible Meals, corporations that up to now have didn’t ship on the traction and transformation promised by their founders.

Fad or fab?

Bloomberg not too long ago labelled plant-based pretend meats as “simply one other meals fad“.

Fox, a vegetarian for the final six years, is equally bold along with his “mission to finish industrial animal agriculture” as Fable’S CEO.

“We wish to encourage the world to make extra sustainable meals selections,” he stated.

“We imagine that consuming extra scrumptious, meaty meals made out of mushrooms will assist the world cut back international meat consumption – with out compromising on style, texture, or expertise – and that is how we will obtain a extra sustainable meals system.”

Fable Brioche Burgers by Heston Blumenthal. Picture: Southworks Inventive

K3 Ventures managing associate stated Fable “is reshaping the way forward for meals” utilizing mushrooms in its place plant-based protein in comparison with the pulses utilized in rival merchandise.

“We’re excited to be part of the following stage of Fable’s development and to help their ambitions to fight arguably one of many largest problems with our time – local weather change,” he stated.

Greg Creed, former International CEO of the corporate behind KFC, Pizza Hut and Taco Bell stated Fable nails one of many largest challenges within the meals, flavour.

“After 4 a long time working within the shopper items and meals industries, first with Unilever, then with YUM Manufacturers, I’ve witnessed the altering calls for of customers all over the world on the subject of what they eat. I’ve seen loads of fads and gimmicks alongside the best way and I do know one factor that buyers won’t ever compromise on, is style,” he stated.

“What Fable has nailed is the intersection of well being, sustainability, and style with their vary of mushroom merchandise. Their early success in retail and eating places with the likes of Grill’d and Guzman y Gomez drew my consideration, however it’s their group and mission that secured my funding in them.

“Mixing their obsession with mushrooms and clear ingredient ethos with actual world expertise, the Fable group goes to chop by way of the muddle and win over customers all over the world.”

Peter Singer, Professor of Bioethics at Princeton College, stated: “I’m delighted to have the ability to put money into an organization that seeks to finish industrial agriculture by making plant-based meals I like to prepare dinner with.”