MyGug Raises €900k to Fuel Expansion

25th March 2024

Posted In: Newsflash

Today award-winning West Cork based company MyGug Ltd confirms a successful round of fundraising, securing more than €900k in capital. The investment was led by BVP, with participation from Enterprise Ireland.

“We are delighted to have the support of BVP and Enterprise Ireland as we embark on this next chapter of growth for MyGug. Moving forward with this support is vital for the company,” says CEO of MyGug Fiona Kelleher. Fiona co-founded the waste-to-energy company with husband and CTO, Kieran Coffey in 2022 after several years of R&D.

Stephen Burdock, Executive Director, BVP comments: “MyGug has been at the forefront of introducing new age technology to solve growing food waste challenges for micro and medium-scale commercial establishments. The solution is simple to install and has been proven to work thereby providing a large unmet market opportunity for solving waste and energy challenges simultaneously for businesses across different sectors.

The dynamic team of Fiona and Kieran have impressed us with their passion to drive this sustainable enterprise solution and their achievement so far.”

MyGug Ltd is at the forefront of innovation in food waste management with its pioneering food waste system which creates a circular economy for the user with the conversion of food waste into a clean renewable source of cooking energy and plant nutrient. It harnesses the natural process of anaerobic digestion and provides a technology that brings this sustainable zero-waste solution to a new market. Most food waste is generated in small-scale settings globally. These small-scale commercial settings (food businesses, educational establishments) are mostly dependent on collection services for disposal of food waste.

MyGug provides a solution that enables the user to create energy on-site deriving direct benefit from the food waste resource and contributing significantly to better environmental health.

MyGug’s modular solution has excellent functionality and a great design aesthetic providing a best-practice solution that changes the face of food waste from a burden to a solution. MyGug has already made a mark in the early days of the company’s progress with customers in food businesses and education settings in Ireland, the UK and Europe where the technology is showing itself to be a best practice and a zero-waste solution for food waste management.

This seed round of funding will enable the company to further expand its market reach both domestically and internationally.

“We are fortunate to have an experienced investor base of BVP and Enterprise Ireland which brings expertise to widen our network and relevant background which we see as a very valuable asset in our partnership, and we look forward to a positive and successful collaboration in bringing MyGug to a wider market,” says Fiona. “This investment will greatly support our efforts to deliver this innovative food waste solution to customers and create greater positive impact in the fight against climate change,” she concludes.

This funding marks a significant milestone and will be instrumental in driving the company’s next phase of growth and innovation. MyGug was first supported by Yield Lab, Europe’s largest early-stage agrifood investor when it was named the AIB and Yield Lab AgTech Start-up 2023 at the completion of the second AgTechUCD Agccelerator programme at UCD Lyons Farm, and has made great strides with the technology since then. MyGug was also named the winner of the Sustainability Category Award at the 2023 Irish Times Innovation Awards.

Cepta Duffy, Department Manager, Industrial and Lifesciences HPSU, Enterprise Ireland said, “MyGug is a high potential start-up bringing innovation and adaptability to the critical area of sustainability within the food waste management sector. Enterprise Ireland is proud to support the company on its journey to win business in international markets and I’d like to congratulate the team of their significant achievements to date.

Under the leadership of CEO Fiona Kelleher, we are confident that MyGug can go from strength-to-strength and make its mark offering a highly innovative solution to meet the challenges associated with food waste globally.”

Pictured is Fiona Kelleher, Co-Founder and CEO, MyGug at UCD Lyons Farm at the completion of the second AgTechUCD Agccelerator Programme. (Image: Nick Bradshaw, Fotonic).