Cork-headquartered Kwayga enables supermarket buyers to cut their sourcing times by 40% using its game-changing supplier sourcing technology.
Irish sourcing engine for supermarket buyers Kwayga has raised €1m in an investment led by the Redesdale Food & Beverage Fund.
Kwayga.com was founded in 2021 by Mike McGrath and Martin Fitzgerald to provide a sourcing engine for Supermarket Buyers to engage them with perfectly matched private label and trending product suppliers in European markets where they would not previously have had visibility.
“This funding will be used to scale our team and continue to grow our product”
It claims to do this faster than ever seen in the sector, finding high quality product and supplier solutions quickly.
Buyers use B2B platform Kwayga to cut 40% off their sourcing lead times, get new product requirements on shelves in record time; replace existing products when necessary; and for targeted cost saving programs. It already counts the main Irish supermarkets and several UK supermarkets as its customers, and has in excess of 80,000 suppliers on its database.
“Redesdale’s investment is a huge vote of confidence in our ground-breaking technology,” said Mike McGrath, CEO and co-founder of Kwayga.
“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.”
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. The fund targets food, beverage, and nutrition companies, led by ambitious entrepreneurs.
“Redesdale is delighted to invest in Kwayga.com,” said Michael Cantwell, a partner in the Redesdale Food & Beverage Fund.
“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.”
Main image at top: Martin Fitzgerald, C)O and co-founder, Kwayga, and Mike McGrath, CEO and co-founder, Kwayga