Supermarket supplier sourcing engine closes €1 million funding round
3 October 2023
Kwayga.com, a supplier sourcing engine for supermarket buyers, has successfully closed a funding round, with a €1 million investment in the company, led by The Redesdale Food & Beverage Fund.
Cork-headquartered Kwayga.com says it can help supermarket buyers to cut their sourcing times by 40% using its game-changing supplier sourcing technology, which it claims can achieve in minutes what previously took months.
Venture capital fund, The Redesdale Food & Beverage Fund, targets food, beverage, and nutrition companies, led by ambitious entrepreneurs. Its investors include Enterprise Ireland, Lord Abbett, Musgrave, Coca-Cola, Monaghan Mushrooms, and Tate & Lyle.
“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. This funding will be used to scale our team and continue to grow our product,” he added.
Michael Cantwell, a partner in The Redesdale Food & Beverage Fund said it is “excited about the expertise of the [Kwayga.com] 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.”
Founded in 2021 by Mike McGrath and Martin Fitzgerald, Kwayga.com already counts the main Irish supermarkets and several UK supermarkets as its customers, and has in excess of 80,000 suppliers on its database.