SweeGen secures funding from Sumitomo and Outlook Investment Group

US stevia-based sweetener company SweeGen has secured additional funding from Sumitomo Chemical and private-equity Outlook Investment Group.

Financial details of the investment have not been disclosed by the companies.

A portion of the investment will be used by SweeGen to expand its additional manufacturing site with the capacity to produce 3,000 metric tonnes of non-GMO stevia sweeteners.

Sumitomo Chemical vice-president Hiroshi Ueda said: “We are developing our strategic partnership with SweeGen to be part of the continuous success in providing the natural sweetener market with the latest innovations and advanced technologies, and also extending our established relationship into new ventures in the field of Synthetic Biology.”

Both Sumitomo Chemical and Outlook Investment Group support SweeGen’s vision of global sugar reduction and intend to offer the company their industry knowledge and networks.

Outlook Investment Group managing partner Matt Stamborski said: “SweeGen has proven to disrupt the global sweetener market by delivering the best tasting, non-GMO stevia sweetener solutions. We are excited about the next stage of growth plans.”

In August, SweeGen expanded its portfolio with the launch of its advanced stevia-based sugar reduction platform, Bestevia Taste Solutions.

Claimed to be nature-based, non-GMO and label-friendly, SweeGen’s new solution saves time and expenses for the product manufacturers during their development cycle.

Non-caloric sweetener producer SweeGen said that its product will enable food and beverage manufacturers to reduce the sugar content in their products without sacrificing taste.

The company develops, produces and distributes sweeteners for the food, flavour and beverage industries.