Fable is a carbon neutral, plant-based venture based in Queensland, Australia producing braised meat-like products primarily from mushrooms – the only alternative protein venture to do so in the world. By using the discarded stems of shiitake mushrooms as a core ingredient in its products and with minimal processing required, Fable has positioned itself as a differentiated, premium, whole-food, clean label offering in what is fast becoming a very crowded market of meat analogues.
The initial phase of Fable’s go-to-market strategy (domestic launch) involved various pivots and iterations across product and channel categories, and they are now focused on deepening their reach in the foodservice and QSR space now that product-market fit has been established. The team has inked deals with several premium QSRs in Australia, including Guzman y Gomez (160 locations), Grill’d (135 locations), and Fishbowl (24 locations) and also launching in The Coffee Club, which has 300 locations. As of 2022, Fable has landed on several hundred additional menus across Singapore, the UK, and the US, with further expansion preparations underway.
Problem they solve
- Fable seeks to effect material change with the company’s mission to end industrial animal agriculture. They have achieved a carbon neutral business and is committed to reducing their waste streams in any way they can.
- Fable’s base ingredient – mushrooms – uses ~1000x less land and water compared to beef. Comparing with market leaders that use primarily pea or soy protein, mushrooms still use ~5-10x less land and water.
- Aside from using discarded components from other agriculture activities, the cultivation of mushrooms is also highly beneficial from a regenerative agriculture perspective.
Why we believe
- A combination of entrepreneurship, deep product knowledge, technical expertise, and culinary flair. A good example where the whole is greater than the sum of its parts.
- Fable has the advantage of being among the first-movers in a relatively nascent domestic market, with the ability to fly the Australian flag on the global stage when expanding. Furthermore, Fable launched as the world’s only alternative protein formulated primarily from mushrooms, and the venture continues to hold that title over 2 years later.
- Fable’s IP strategy has evolved for proprietary ownership of their IP, covering the entire Fable production methodology. Fable has three patents in place and three more expected in the near term, all designed to maximize their defensive moat and the consumer experience.
Want to join us on our mission to fight climate change through Agri-Food revolution and discuss our value proposition?
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