Healthtech startup Sigrid Therapeutics raises $8.4m from US, Irish and Swedish investors for diabetes breakthrough
Swedish healthtech startup Sigrid Therapeutics is set to prevent two of the world's biggest health challenges, type 2 diabetes and obesity with its SiPore15® powder. This vision has attracted a number of Sweden's family offices to invest just over $8.4 million in new capital making a total since inception of $17.5 million.
Sana Alajmovic, CEO, Sigrid Therapeutics: "A quarter of the world population is affected with chronic lifestyle diseases which are preventable. That is why we created SiPore15® a patented silica-based powder clinically proven to lower long-term blood sugar and a range of metabolic parameters. Designed to act locally in the gut SiPore15® consists of precisely engineered micron-sized silica particles with tailored porosity capable of entrapping digestive enzymes inside the gut, lowering calorie uptake. Clinical studies with SiPore15® have shown a 1.4 mmol/mol reduction in long term blood sugar, HbA1c, in prediabetics after 3 months of consumption. This magnitude of reduction has been shown to reduce diabetes incidence in prediabetics by 31%."
US VC fund Joyance are joined by several Swedish family offices, including Hans and Barbara Bergström, the Mattsson family, founder of spice giant Santa Maria, investment company, Crosslight Partners and Irish Irrus Investments, led by Mike Ryan, former managing director of Nasdaq-listed Sedana Medical.
Mike Edelhart, Managing Partner, Joyance: "A powerful, drug-free response to the overwhelming world-wide diabetes epidemic, Sigrid represents a whole new approach to addressing chronic conditions.It is emblematic of our funds' focus on helping people live longer and better lives. We look forward to helping Sigrid expand to the US market."
The concept recently moved a major step closer to these two multibillion-dollar markets signing a production agreement with Japan's AGC Si-Tech. The money raised in the new round will be used for a clinical study that will form the basis for CE marking in the EU. "With large-scale production in place, we will also speed up plans for product launch in the US as a dietary supplement- a market is now expected to grow from $130 billion today to $230 billion by 2027, according to Grand View Research.