Syre Secures $100M to Build ‘Blueprint Plant’
Just two months after launching, Syre has raised $100 million in a Series A funding round.
The Stockholm-based textile impact company, initiated by Vargas and the H&M Group, is working toward “decarbonizing and dewasting” the industry through textile-to-textile recycling. It uses a proprietary recycling solution to make circular polyester on par with its virgin counterpart.
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“I am thrilled that some of the most ambitious investors globally have joined our quest to lead the great textile shift,” Dennis Nobelius, CEO of Syre, said. “It’s inspiring to see their commitment to drive the green transition of the textile industry, across our key target industry verticals apparel, automotive and interior.”
Led by founding investor TPG Rise Climate, the round saw additional investments from the Swedish fast-fashion retailer and several strategic partners, including Giant Ventures, IMAS Foundation, Norrsken VC and Volvo Cars.
“We look forward to accelerating the decarbonization of the textile industry through Syre’s unique textile-to-textile recycling process,” Joerg Metzner, business unit partner at TPG Rise Climate, said. “Pairing TPG Rise Climate’s capital and global business building capabilities with Syre’s world class team and proprietary technology creates a strong foundation for scaling the company across major manufacturing plants around the world in the coming years.”
The funding round will finance the construction of the “blueprint plant” in the United States, set to be up and running later this year, as well as fund the preparations needed to establish the startup’s first two gigascale textile-to-textile recycling plants. After a “global site selection process,” Syre shortlisted Vietnam and Iberia as the hubs for these two plants, considering both regions are “strategically positioned” within the textile supply chain with access to feedstock, logistics and green energy. Construction is set to commence in 2025.
Additionally, the equity funding further allowed Syre to fully purchase the patented technology it uses in its chemical recycling solution. That technology was developed for nearly a decade by a pair of professors in North Carolina at Premirr, which has successfully demonstrated its “leading capability” to chemically break down synthetic polymers from waste textiles in an energy-efficient and highly scalable way.