The round drew participation from investors including Circular Innovation Fund, Katapult, and Joyance Partners to accelerate commercialisation.
"The global movement towards plant-based alternatives has experienced exceptional growth in recent years with a reshaping of entire industries such as meat and dairy. The same opportunity exists within colourants, driven by a common interest of consumers, brands and regulators to transition to fully sustainable, biodegradable, circular products. Most brands are committed to eliminating synthetic chemicals from manufacturing processes altogether. Our plant-based materials can be grown and sourced locally in a complete rethink of how colours are currently being manufactured while reducing transport emissions. The industrial applications for Sparxell’s products are broad, from cosmetics and textiles to paints and packaging"
The funding round was led by Extantia Capital and includes £2.4m in non-dilutive capital.
"We want our technology to set a new standard in the waste treatment and energy sectors,by not only optimising waste breakdown but by boosting methane production across the board"
The Irish cleantech startup has raised capital to scale its food waste conversion technology across domestic and international markets.
"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. 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 a greater positive impact in the fight against climate change,"
