Fable raises $8.4M to grow its eco-conscious tableware brand
The company has plans to expand its product line and retail footprint.
Fable, the Vancouver-born direct-to-consumer tableware business, announced that it’s closed a CAD $8.4 million (USD $6.55M) Series A round of funding led by Listen Ventures alongside existing investors True, Sandpiper and Techstars Toronto.
The news follows a $3.4 million round revealed last August that also included Mavan Capital. Fable has now raised just over $12 million in total.
Launched in 2019, Fable produces upscale homeware targeted at environmentally conscious consumers. The company was started when founders Joe Parenteau (CEO), Max Tims (COO), and Tina Luu (CTO) wanted to upgrade from purchasing IKEA items to products with a premium, artisan look and feel, but at reasonable prices. They couldn’t find exactly what they wanted, so they created Fable to fill their own need. Today, its products, including ceramics, glassware, textiles, and decor, are designed in Vancouver and manufactured in Portugal, Belgium, and Japan.
According to Parenteau, the company, which is a Techstars Toronto 2020 alumni, raised this new capital to help it keep up with demand and expand its digital and physical footprint, while also responding to buyer requests for additional products. “We're hearing from our customers, ‘Hey, are you guys making more pieces for the table? Are you making stuff maybe for the living room?’” Parenteau told Vancouver Tech Journal last week on the phone from Barcelona. “You know, we intentionally call the brand Fable Home with the full intention to go and build products throughout other areas. So for us, this capital is really the fuel to get us there.”
While physical sales only account for roughly 10 percent of the business, according to Parenteau, Fable is investing in expanding its retail footprint because customers are increasingly interested in seeing the items in person. In Vancouver, Fable is opening a new boutique in the South Granville area that is over six times the size of its existing space and “designed as a place for customers to experience the world of Fable in real life through curated events and experiences.” Fable is sold online across Canada and the U.S. and in person at only two stores currently – one in Gastown and one in Toronto’s Queen West neighbourhood.
Parenteau says the timeline for opening the new shop has been delayed due to permitting, but when it opens, he hopes to provide guests with an experience that’s unique among retail stores. “We're hoping to have it be more of a space that people can come and gather, drink and eat – all while just doing some shopping and enjoying some of their favourite products.”
Fable’s team is approximately 50 people, which includes employees in retail, fulfillment, and e-commerce. Beyond North America, Fable will be expanding across the pond with plans in place in the U.K. for a mid-September launch. The aim is to experiment with “a pop-up space or something a bit shorter term, so we can really test the waters there,” Parenteau shared.
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