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Not even algae have been affected by the corona pandemic. Now, however, the Simris alg company believes in a turnaround, with an American company where actress Gwyneth Paltrow has a finger in the cake.
Ten years after the company was founded, it has just gone through its most difficult period to date. As with many other companies, the corona pandemic affected business and had major consequences. In the end, the Simri bailiff was forced to file a rights issue to raise more capital for the company.
– Our subcontractors closed and we had to leave all employees short-term and then simmer. When the pandemic happened, the situation was, ‘how are we going to save the business’ and if we had not received money, we would not have made it, but we had some foresight, says CEO Fredrika Gullfot and continues:
– The business idea has been clear from the beginning, developing and manufacturing bioactive substances from microalgae grown at the Hammenhög seaweed farm in Österlen.
Grown in greenhouses
In a 2,000-square-meter greenhouse, the algae are grown in long glass tubes filled with water and then harvested, ground, and finally freeze-dried to obtain the substances you are looking for.
From a consumer perspective, they are best known for their omega 3 products extracted from algae. This is also where the United States and, to some extent, Gwyneth Paltrow come into the picture.
At Simris Alg, which produces omega-3s from algae, there are several kilometer-long glass tubes where algae grow in tap water. Stock Photography. Photo: Anders Ahlgren / SvD / TT
In relation to Tuesday’s financial statements, the company, which is listed on the First North list of the Stockholm Stock Exchange, announced that it will have three business areas in the future. Omega-3 operations will be concentrated in a US-based subsidiary.
– We can get rid of that part now and we think it is better to work with a partner in the US than to manage it remotely. Our focus is still online, but also through some retailers like Goop, where we are located to position our brand, says Fredrika Gullfot.
Controversial site
The Goop health and beauty site is run by Hollywood actress Gwyneth Paltrow, and according to Fredrika Gullfot, Simris seaweed is the only omega-3 product now in the site’s range.
– In Sweden we generally don’t like dietary supplements and the market is more skeptical than in the US The market conditions are completely different than here.
– It is important that consumers see the products in context. Goop has been a trend leader in the wellness area and not only consumers, but also retailers and the market are looking there. If we are there, we have an acceptance for our product, she says.
At the same time, Goop, and Paltrow himself, have also been questioned and even sued by prosecutors in California. The background is that they have marketed a series of products that were considered pure charlatanism, including eggs made of rose quartz that will increase a woman’s sexual energy if inserted into the vagina, but also vagina-scented candles and healing stickers.
Is there not an obvious risk of being connected to this platform and that it could be counterproductive for you?
– We have a sickly scientific queue on everything. If someone were to question that we are there … we’ve never seen that danger. Although Goop can be questioned, no one questions his business ability.
The division into three business areas is part of Simris alg’s hopes for expansion, where omega 3 sales will only be part of the company’s future operations.
– Next year we will introduce the first advanced skin care products and within five years I am pretty sure that we have made progress with certain extracts where there is the potential to find interesting drug candidates, believes Fredrika Gullfot.
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