Syre, a Stockholm, Sweden-based textile impact company, raised $100M in Series A funding.
The round was led by TPG Rise Climate who was joined by an additional investment from founder H&M Group as well as Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars.
The company intends to use the funds to finance the construction of the blueprint plant in the U.S., which will be up and running later this year, as well as to establish its first two gigascale textile-to-textile recycling plants.
Founded in 2023, by Vargas and H&M Group, and led by CEO Dennis Nobelius, Syre is a textile impact company aiming to decarbonize and dewaste the textile industry through textile-to-textile recycling at hyperscale, starting with polyester. Its textile-to-textile recycling solution provides circular polyester with quality on par with virgin polyester, but with a sustainability performance.
This equity funding further allowed Syre to fully acquire the patented technology that is at the core in the company’s textile-to-textile recycling solution. The technology has been developed over more than nine years by the North Carolina-based company Premirr, who demonstrated its capability to transform post-consumer waste into circular polyester in a very energy-efficient way that can be rapidly scaled globally.
FinSMEs
30/05/2024