Plant-based ingredients start-up Bonumose has secured an investment from US-based snacks manufacturer The Hershey Company and American Sugar Refining (ASR), a member of ASR Group, in a Series B investment round.

The amount raised through the investment round has not been disclosed.

Bonumose co-founder and CEO Ed Rogers said: “Bonumose could not hope for two better strategic investors than The Hershey Company and ASR Group.

“Sugar (sucrose) is the gold standard, and ASR Group is the world’s leading cane sugar refiner and marketer. We have been impressed with the talent of ASR Group’s people, their strong customer relationships and the depth of their knowledge of speciality sweeteners.

“Similarly, we admire Hershey’s longstanding legacy and commitment to innovation and appreciate their support in helping Bonumose achieve our mission of making delicious, plant-based sugar alternatives affordable for more consumers.”

Proceeds from the investment round will be used by Bonumose to fast-track production and commercialisation of low-cost, plant-based alternative sweeteners tagatose and allulose, as well as research and development.

Tagatose and allulose are classified as ‘rare sugars’, which naturally occur in some fruits and grains, but only in small quantities, and have sweetness and functionality that closely resemble regular sugar.

Tagatose and allulose can be used across various food categories, including confectionery, frozen desserts, beverages, dried fruit, dairy, baked goods, condiments, ready-to-eat cereal and keto-friendly protein bars.

Bonumose claims to have developed a patented production process for high-purity rare sugars, from low-cost, abundant, plant-based starches.

Bonumose’s end products are claimed to have fewer calories than traditional sugars and a negligible glycemic index impact.

The investment from ASR Group is said to be in line with its strategy to provide a variety of products to meet the wide range of consumer needs.

Additionally, ASR Group is Bonumose’s distribution partner for food, dietary supplements, personal care and pharmaceutical customers in the US, Mexico, Canada, the UK, Ireland and much of mainland Europe.

The company’s previous investors include Bangchak, iselec Fund, Argonautic Ventures, Applied Food Sciences, Cure8 Ventures, Next Gen Nutrition Investment Fund, and a Japan-based food company.