Kwayga.com has announced that it has successfully closed a funding round, with a €1 million investment in the company.
Founded in 2021, the supplier-sourcing engine for supermarket buyers noted that the funding was led by the Redesdale Food & Beverage Fund.
Cutting Sourcing Times
Cork-headquartered Kwayga.com highlighted that its sourcing engine for buyers enables supermarket buyers to cut their sourcing times by 40% by using its game-changing supplier-sourcing technology, achieving in minutes what previously took months.
Commenting on the investment, Mike McGrath, co-founder and CEO of Kwayga.com, said, “Redesdale’s investment is a huge vote of confidence in our groundbreaking technology.
“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.
“This funding will be used to scale our team and continue to grow our product.”
Venture Capital Fund
The Redesdale Food & Beverage Fund is a venture capital fund ‘established by some of Ireland’s best-known and most accomplished financiers, business leaders and commercial scientists.’
Investors in the fund include Enterprise Ireland, Lord Abbett, Musgrave, Coca-Cola, Monaghan Mushrooms and Tate & Lyle.
Michael Cantwell, a partner in the Redesdale Food & Beverage Fund, added, “Redesdale is delighted to invest in Kwayga.com.
“We are excited about the expertise of the team and their exceptional technology, which solves a key buyer pain point. It will be a game-changer in how suppliers are sourced in the supermarket sector.”
