Fable is created from shiitake mushrooms, coconut oil and sugar. For the launch, Dinner’s cooks glazed it with mirin and soy in an effort to use Fable as an alternative to snails within the restaurant’s signature snail porridge dish.
Mr Fox co-founded Fable with wonderful eating chef and mycologist (fungi-focused biologist) Jim Fuller and natural mushroom farmer Chris McLoghlin after he started focusing on a meat alternative as part of the Mars Foods’ accelerator.
“Between Chris and Jim they are very strong in food and particularly mushrooms,” Mr Fox stated. “I bring the entrepreneurial side, brand building and fundraising which is what I have done before.”
The fledgling startup has attracted curiosity from superstar chef Blumenthal who will begin serving Fable at his Heathrow airport restaurant subsequent week and is predicted to place it on the menu at Dinner in January.
Mr Blumenthal stated in at this time’s world individuals are aware about what they eat.
“Through the last months, we have been extensively testing the product with some of our recipes and realised that this product goes beyond replacing meat, it should be in a category of its own,” he stated.
Over time our aim is to assist scale back society’s reliance on industrial agriculture so we do not need to be simply excessive finish.
Mr Fox stated Fable was launching with Mr Blumenthal and would shortly be on the menu at eating places together with Kingsleys in Woolloomooloo, The Winery in Surry Hills, Sydney and The Esplanade Hotel in St Kilda, Melbourne.
“Over time our goal is to help reduce society’s reliance on industrial agriculture so we don’t want to be just high end we want to scale up and roll out to quick service restaurant chains and retailers,” Mr Fox stated.
The $1.5 million funding spherical was structured as a SAFE word, a easy settlement for future fairness, just like a convertible observe.
Mr Fox stated the funding, which was “a bit more than we planned”, will probably be used as working capital to fabricate Fable’s product.
Rick Baker of Blackbird stated Mr Fox was an ideal founder. “We are still very proud of the investment we made in Shoes of Prey and we think they did a great job of proving out a model but it didn’t just work,” he stated. “We know Michael well and are very keen to back him again.”
Mr Baker stated Blackbird had been following a theme of other protein with an investment last year in New Zealand startup Sunfed.
“We think over the next couple of decades there is going to be need and demand for protein not grown on animals,” he stated.
“In the short term there is this nice theme playing out that people are keen to add plant-based protein to their diet. We are seeing meat-free Mondays and a move to flexitarian eating and products like Fable are providing these consumers with new forms of food that is interesting and tastes really good.”
The meat various sector is being pushed within the United States by Beyond Meat which is listed on the Nasdaq and valued at $US4.5 billion ($6.5 billion) and Bill Gates-backed Impossible Foods.
“We think there is a similar opportunity in Australia,” Mr Baker stated.
Cara is the small enterprise editor for The Age and The Sydney Morning Herald based mostly in Melbourne