Western Development Commission leads €2 million investment in Ovagen

The Western Development Commission (WDC) has led a successful €2 million Series A equity investment round in Ovagen, an innovative biotechnology company based in Ballina.

The funding is aimed at accelerating the production of Ovagen’s groundbreaking germ-free eggs, a game-changer for vaccine production globally, and further positioning the Northwest and West of Ireland as a hub for cutting-edge biotech innovation.

Ovagen’s germ-free eggs represent a transformative breakthrough in the vaccine manufacturing process. 

Vaccines for diseases such as influenza, measles, and yellow fever traditionally rely on eggs for production. However, up to 30 percent of vaccine batches can fail due to bacterial contamination, costing the pharmaceutical industry hundreds of millions of euros annually. 

Ovagen’s pioneering germ-free eggs eliminate this issue, reducing contamination risks, increasing vaccine yields, and playing a significant role in combating antimicrobial resistance.

The WDC, through its Western Investment Fund (WIF), has long been a champion of innovation and enterprise in the Northwest and West of Ireland. 

The Commission’s role in this investment round, alongside private sector investors such as IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding, and Enterprise Ireland, underscores its mission to support high-potential businesses that drive economic and social development in the region. 

This latest investment builds on the WDC’s long-standing support of Ovagen, bringing its total cumulative investment in the company over the past number of years to €2 million.

Allan Mulrooney, CEO of the Western Development Commission, highlighted the importance of this investment for both the regional economy and the global biotechnology sector.

“In close collaboration with Enterprise Ireland and other key agencies in the region, including IRRUS, HBAN, Boole, DeepIE, and Spark Crowdfunding, the WDC works together to drive success, ensuring that we collectively create lasting impact and meaningful results for the region,” he commented.

The WDC’s WIF was established to provide vital capital to businesses in the region, offering both equity and debt finance to support innovative companies in sectors such as biotechnology, digital technology, and renewable energy.

 Ovagen is a prime example of how WIF investments can catalyse significant advances in technology, attract further private and public investment, and create long-term economic benefits for the region.

Dr Catherine Caulfield, CEO and co-founder of Ovagen, expressed her appreciation for the WDC’s steadfast support.

She stated: “We are thrilled to have secured this funding, led by the Western Development Commission, which will allow us to scale up production and continue working with leading global vaccine manufacturers. Our germ-free eggs are the result of years of R&D and have the potential to significantly reduce vaccine production failures and costs. This investment is a crucial step in realizing our vision of transforming vaccine manufacturing and advancing public health."

Ovagen’s success story reflects the WDC’s broader vision for the Northwest and West of Ireland as a thriving ecosystem for innovation. Through strategic investments like this, the WDC is helping to create high-skilled jobs and bolster regional competitiveness in industries with global significance. Ovagen plans to expand its workforce from 17 to 77 highly skilled personnel by 2029 and increase production to four million germ-free eggs annually from its Mayo base, further cementing its position as a leader in vaccine manufacturing technology.

The company’s ambition to build additional facilities in Ballina and establish satellite operations near major global vaccine manufacturing hubs demonstrates the far-reaching impact of WDC’s support for indigenous innovation. By providing the necessary financial backing through the Western Investment Fund, the WDC is enabling companies like Ovagen to scale and succeed on the world stage.

Emily Ryan, Managing Director Irrus Investments who was an investor this round commented: “We are delighted to support Ovagen in this latest funding round, and are excited about the future with the huge global potential for Germ free egg technology’ 

Enterprise Ireland, who is an investor in this round and has been working with Ovagen for a number of years, echoed the importance of fostering regional innovation: “Ovagen, with their pioneering innovation, is an example of that. Enterprise Ireland is delighted to support Dr Caulfield and all the team at Ovagen, and congratulates them on this important milestone with the Western Development Commission and other investors,” continued Tom Kelly, Divisional Manger, Industrial and Lifesciences, Enterprise Ireland, 

Minister Dara Calleary concluded: "The investment by the Western Development Commission in Ovagen is a clear demonstration of the critical role WDC plays in supporting innovative companies that have the potential to create high-value jobs and drive economic growth in the Northwest and West of Ireland.”