March 26, 2024

Photo credit: MyGug

By Lynda Kiernan-Stone, Global AgInvesting Media

Irish agtech startup MyGug announced a successful fundraising led by BVP with participation from Enterprise Ireland in support of their innovative and pioneering food waste management solution.

Located in West Cork, MyGug’s food waste system creates a circular economy for the user by converting food waste into a clean, renewable source of cooking energy and plant nutrition – an achievement making the company the winner of the Sustainability Category Award at the 2023 Irish Times Innovation Awards. 

“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,” said Fiona Kelleher, CEO, MyGug. 

“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. 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.”

When considering a global scenario, most food waste is generated in small-scale settings, such as food businesses or educational settings that are mostly dependent on collection services for disposal of food waste. MyGug provides a zero-waste solution that enables on-site energy generation directly from food waste resources by harnessing the natural process of anaerobic digestion.

Its modular solution, which has excellent functionality combined with superior design aesthetics, has already gained traction with customers in food businesses and education establishments in Ireland, the UK, and in Europe, where the technology is proving itself to be a best practice.

And a timely one too. On March 13, 2024, the European Parliament endorsed preventionary and reductionary targets for food and textile waste for the bloc. With 514 votes in favor, the proposal calls for appropriate measures to be taken to prevent food waste at the production, processing, manufacturing, trading, and distribution levels, right down to restaurants, catering services, and households.

These binding targets for the reduction in food waste have been increased to 20 percent by 2030 for food processing and manufacturing (up from 10 percent), and 40 percent per capita in retail, food service, catering, and households (up from 30 percent). Parliament also has reserved the possibility of raising these targets for 2035 to 30 percent and 50 percent, respectively. 

In the beginning, MyGug was first supported by early-stage agri food and agtech accelerator Yield Lab when it was named the AIB and Yield Lab AgTEch Startup 2023 at the completion of the second AgTechUCD Agccelerator program at ECD Lyons Farm. Since then, the company has made further strides in advancing its technology, and stated that with this new funding, it will further expand its market reach, both domestically and internationally. 

 “MyGug has been at forefront of introducing new age technology to solve growing food waste challenges for micro and medium-scale commercial establishments,” said Stephen Burdock, executive director, BVP.

“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.”

Cepta Duffy, department manager, industrial and life sciences HPSU, Enterprise Ireland, also commented on what sets MyGug’s solution apart from the myriad food waste technologies we see emerging, stating, “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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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