Mushroom meat company Fable Foods raises $8.5 million with help from famed ethicist Peter Singer and Greg Creed—former CEO of Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell.
Making meat from mushrooms instead of animals is a sustainable way forward for the food system, and Australia’s Fable Food raised $8.5 million to support this future. The mushroom meat company’s Series A round was led by Singapore-based K3 Ventures with participation from like-minded investors, including ethicist Peter Singer and Greg Creed—the former global CEO of Yum! Brands which is the parent company of popular chains KFC, Pizza Hut, and Taco Bell.
“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’s minimally processed mushroom meat—which is meant to be used the same way as pulled pork or braised beef—first debuted in Australian retailers and restaurants in 2020 but has since expanded internationally.
The company will use its funding to propel product development and expand its international footprint, with a focus on North America, the United Kingdom, and Singapore.
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