Sigrid Therapeutics, a Swedish-based company founded in 2014 by Sana Alajmovic and Tore Bengtsson, is on a mission to prevent chronic diseases such as type 2 diabetes. After raising $20 million and almost a decade of researching, engineering, and proving silica’s safety and effectiveness, the company launched Glucose Stabiliser on November 14, 2023.
Noncommunicable diseases—such as diabetes—are responsible for the majority (70%) of deaths worldwide. These chronic diseases are not transmitted between individuals and are caused by a mix of factors including genetics, physiology, environment, and behaviors.
At first investors didn’t see the value of preventing diseases. However, increased focus on early detection, awareness of prediabetes and societal costs, and technological advancements have opened doors for innovative approaches, making preventive tools an attractive investment opportunity. The Covid-19 pandemic also highlighted the importance of self-care and managing blood sugar levels, further increasing market potential.
How Sigrid Therapeutics Manages Prediabetes With Silica
In 2008, Bengtsson started to research how silica—a mineral in some grasses, that has the ability to absorb digestive enzymes in the gut—could be engineered to slow down digestion and reduce the absorption of carbs and fats into the bloodstream. Doing so would result in lower blood sugar and cholesterol levels and, potentially, aiding in weight loss.
Alajmovic and Bengtsson met in 2013. In 2014, the pair founded Sigrid Therapeutics. Sigrid is a female Viking name that means beautiful victory. “The victory that we envisioned in 2014, when we started the company, is that no one should fall sick with chronic lifestyle diseases, such as type 2 diabetes and obesity,” said Alajmovic. She became CEO and Bengtsson chief scientific officer.
The company has spent almost a decade researching, engineering, conducting clinical studies, and scaling up production of silica. It is only this year that the company launched its first product—Glucose Stabiliser.
Its chief ingredient, SiPore21, helps lower blood sugar, body weight, and cholesterol. SiPore uses mesoporous silica particles (MSPs) to create a molecular sieve that physically prevents the interaction between digestive enzymes and food. This results in reduced food breakdown into absorbable units, making it a promising preventive supplement for prediabetes and type 2 diabetes. SiPore21 is patented in the U.S, European Union, Canada, Australia, Japan and Israel, among other countries.
Silica is a natural mineral composed of silicon and oxygen, two of the most abundant elements on earth. Its unique architecture and chemistry give it its functional properties, making SiPore gentle for both the human body and the environment.
In the U.S., SiPore21—the main ingredient of Sigrid’s products—is considered a supplement. In the E.U., SiPore21 is considered a medical device. Medical devices have many more regulatory hurdles so the company launched in the U.S. Miami, Florida was chosen for its U.S. headquarters for these reasons:
- Many people over the age of 65 live in Florida. As we get older, our bodies become more susceptible to type 2 diabetes. Research suggests that 25% of adults above the age of 65 are living with type 2 diabetes, while half of seniors have been diagnosed with prediabetes.
- Miami has become the fourth largest tech hub in the U.S. with a growing investor investors.
- Its weather and quality of life makes it easier to retain talent.
- Miami #1 U.S. City of Wellness.
- It is closer to Stockholm than Los Angeles.
While available directly to consumers on its website, a focused retail distribution effort is underway in Florida. The company launched on November 14, 2023, and is working with nutrition influencers and wholesalers in Florida.
If Finding Venture Capital Was Easy, Everyone Would Raise Capital
An early challenge was raising capital. In 2014, Alajmovic was told by investors “There’s no money in prevention. We only care when there is a diagnosis.” Consultants and physicians told her to target Type 2 diabetics who had a cardiovascular event.
“I grew up with a prediabetic father, who became diabetic,” said Alajmovic. “I was always confused why we’re living in a society, which manages diseases reactively rather than being proactive.”
Alajmovic is a refugee from Bosnia and Herzegovina who migrated to Sweden with her family when she was 5 years old. The family had lost nearly everything in the war. She developed an underdog mentality—a strong determination to overcome obstacles and succeed despite the odds being stacked against her. “I’m going to do this even more now, just because someone tells me it can’t be done,” said Alajmovic.
“One thing that helped us was when a company with a prediabetes asset made a huge deal with one of the world’s largest consumer health and nutrition companies,” said Alajmovic. “It was incredibly helpful to have a peer to point to.”
Fortunately, the landscape for early-stage investment in type 2 diabetes prevention has undergone significant transformations since Sigid formed in 2014. Key shifts include:
- An increase in investment driven by growing awareness of the prevalence of diabetes and its societal costs.
- Technological advancements in areas like AI, digital health, and biotechnologies opened doors for innovative approaches.
- From managing existing cases, focus has shifted towards early detection and lifestyle modification.
- Expanding market potential for preventive tools and early intervention is now attracting investors seeking high returns.
- The Covid-19 pandemic raised awareness of the importance of self-care and taking charge of your health. “Now everyone knows about blood sugar peaks and glucose monitors have become mainstream,” said Alajmovic.
The company has raised $20 million from Joyous Partners, a San Francisco VC, family offices, high-net-worth individuals, and the Swedish state venture capital fund. These investors know that healthcare products take more time to bring to market and are in it for the long haul.
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