Fable Food Co, maker of mushroom-based meat alternatives, has raised $8.5 million in a Series A funding round.

The Australian company – which launched in 2019 – produces “minimally processed” plant-based meat products, including burgers and ‘pulled mushrooms’.

Led by venture capital firm, K3 Ventures, the round also attracted individual investors, such as former Yum! Brands global CEO, Greg Creed, and Peter Singer, professor of bioethics at Princeton University.

Additional participants included existing Fable backers Blackbird, AgFunder and Aera VC.

“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 Michael Fox, co-founder and CEO of Fable.

“We want to inspire the world to make more sustainable food choices. 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.”

The Australian start-up plans to use the funds to support its R&D efforts, scale up production and accelerate its expansion in overseas markets, with a focus on North America, the UK and Singapore.

Last year saw Fable accelerate its international growth, including in the UK through deals with burger chain Honest Burgers, meal delivery companies Gousto and Planty, and organic supermarket chain Planet Organic.

The brand also partnered with plant-based QSR chain Beatnic in the US, as well as Hell Pizza and SaladStop! in New Zealand and Singapore, respectively.

Former Yum! Brands global chief, Creed, added: “What Fable has nailed is the intersection of health, sustainability and taste with their range of mushroom products. Their early success in retail and restaurants with the likes of Grill’d and Guzman y Gomez drew my attention, but it’s their team and mission that secured my investment in them.

“Blending their obsession with mushrooms and clean ingredient ethos with real world experience, the Fable team is going to cut through the clutter and win over consumers around the world.”

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