IGNITE Alumni - Supermarket supplier platform Kwayga raises €1m
Mike McGrath, IGNITE Alum & Co-founder of Kwayga raises €1m in new funding.
The investment was led by The Redesdale Food & Beverage Fund.
Cork based Kwayga said the funding would be used to scale the team and grow the product.
"Redesdale's investment is a huge vote of confidence in our groundbreaking technology," ," said Mike McGrath, Co-Founder and CEO of Kwayga.com.
"This partnership will significantly accelerate our growth across Europe as we continue to build high value relationships with significant UK and European buyers, reducing their sourcing time and costs by rapidly connecting them with the best European suppliers."
Kwayga.com was founded two years ago by Mike McGrath and Martin Fitzgerald to provide a sourcing engine for supermarket buyers.
The company claims that it enables buyers to cut sourcing times by 40% using its supplier sourcing technology.
Michael Cantwell, Partner in The Redesdale Food & Beverage Fund, said Kwayga will be a "game changer in how suppliers are sourced in the supermarket sector."
Redesdale Food & Beverage Fund was established by some of Ireland’s best known financiers, business leaders and commercial scientists, to target food, beverage, and nutrition companies.
Backers include Enterprise Ireland, Lord Abbett, Musgrave, Coca-Cola, Monaghan Mushrooms, and Tate & Lyle.
Source: RTE.ie Journalist: Will Goodbody