Roebuck Food Group plc announced on Friday 6 November that the company had successfully raised €9m from investors from investors to fund the development and growth of Galway-based GlasPort Bio and Rumen Tech.
GlasPort Bio is an early-stage biotechnology company focused on greenhouse gas mitigation. Its most developed technology is GasAbate, a manure additive which reduces methane emissions by 80%. Rumen Tech’s main product is RumenGlas, a feed additive which has been shown to reduce methane, hydrogen and carbon dioxide emissions from ruminant livestock.
Justin McCarthy, CEO of GlasPort Bio and executive chairman of Rumen Tech, was appointed CEO and executive director of Roebuck Foods on 31 October 2026.
Roebuck Foods acquired 37.3% of GlasPort Bio and Rumen Tech in 2025, with an option to increase its shareholding to 82.3%. Roebuck intends to exercise that option, subject to a shareholder vote at an extraordinary general meeting scheduled for 30 November.
At the time the option to purchase more shares was agreed, GlasPort was valued at €16.08m, with that valuation increasing based on GlasPort reaching three development milestones. The first of those was the granting of a US patent for its technology, which was achieved in 2025. The second was reached when GlasPort’s technology was included in Arla’s sustainability payment criteria for milk suppliers. Reaching these goals increased the valuation of GlasPort to €25.08m. If the company was to meet the third goal, which is inclusion in a country’s greenhouse gas submission inventory calculation, the valuation would rise by a further €5m to €30.08m.
Roebuck will use its own shares to buy the increased stake in GlasPort and Rumen Tech. Basically, shareholders in GlasPort Bio and Rumen Tech will have their shares in those companies replaced with shares in Roebuck.
The €10.8m raised from investors will be put towards funding the operations and cash-flow needs of GlasPort as the company expands. This will include accelerating rollout to farms, new hires to support growth in Europe, establishing commercial partnerships and further research and development.
A loan of €1m from Roebuck was made available to Glasport immediately following the fundraising.
Financial accounts to the end of 2025 for GlasPort Bio Ltd showed accumulated losses of €2.7m, while Rumen Tech’s accumulated losses were nearly €500,000.
In the circulation to shareholders, published ahead of the EGM later this month, GlasPort management forecast revenue from GasAbate sales in 2027 of €1.65m.
Roebuck Foods formerly owned Townview Foods in Northern Ireland and the Cantwellscourt dairy farm in Co. Kilkenny, both of which it disposed of in 2024. The dairy farm was sold for €1.45m. The company is progressing the disposal of its other business, Foro Food Solutions and Moorhead & McGavin which are involved in plant-based ingredients. The disposal of those companies is expected to cover the outstanding debts and restructuring costs involved in the sale, meaning there is no profit expected from those sales.
Roebuck said the disposals will “simplify the group, and focus its capital, management, resources and future growth strategy on GlasPort and Rumen Tech”.
*Article updated to correct amount of money raised from investors.
