Stockholm-based Syre, a textile impact company founded by Vargas Holding and H&M Group earlier this year, has secured $100 million (approximately €92.2 million) in a Series A funding round. This significant investment underscores Syre’s commitment to revolutionizing the textile industry through sustainable practices.
The funding round was led by TPG Rise Climate, with additional investments from Syre’s founder H&M Group and strategic partners including Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars. Joerg Metzner, Business Unit Partner at TPG Rise Climate, expressed enthusiasm about the collaboration, stating, “We look forward to accelerating the decarbonization of the textile industry through Syre’s unique textile-to-textile recycling process.”
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Utilization of Funds and Expansion Plans
The raised capital will facilitate the construction of a blueprint plant in the US, expected to be operational later this year. Additionally, Syre plans to establish two large recycling plants in Vietnam and Iberia, key regions for the textile industry. These facilities aim to harness local expertise, resources, and logistics, with construction anticipated to begin in 2025.
Strategic Acquisition and Technological Integration
With the new funding, Syre has completed the acquisition of patented technology from US-based Premirr, which transforms post-consumer waste into circular polyester. CEO Dennis Nobelius emphasized the importance of this technology, noting, “We completed a rigorous search and evaluation of over 20 polyester recycling technologies worldwide. Premirr’s founders are now integral to Syre as we scale our operations.”
Commitment to Decarbonizing the Textile Industry
The company’s mission is to transform the textile industry by decarbonizing and eliminating waste through large-scale textile-to-textile recycling, initially focusing on polyester. Founded in 2023, the name “Syre,” meaning “oxygen” in Swedish, symbolizes continuous renewal and sustainability.
Key Investors and Their Roles
- Giant Ventures: Supports purpose-driven founders tackling global challenges in climate, health, and inclusive capitalism.
- IMAS Foundation: Associated with the Ingka Foundation, responsible for operating IKEA stores worldwide.
- Norrsken VC: A European early-stage impact investor with a portfolio addressing global challenges while building significant businesses.
- Volvo Cars: Aims to become a fully electric car manufacturer by 2030 and achieve net-zero greenhouse gas emissions by 2040.
This investment positions the startup to lead the green transformation in the textile sector, leveraging innovative recycling technologies and strategic partnerships to drive sustainable practices globally.
