June 22, 2024
Financial Results

Syre Secures $100 Million Series A Funding For Textile Recycling

Syre, the textile impact company initiated by Vargas and H&M Group, has secured a $100 million Series A funding round. Led by TPG Rise Climate, the round included investments from H&M Group, Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo cars.

CEO Dennis Nobelius expressed excitement about the ambitious investors joining their mission to drive the green transition in the textile industry. Joerg Metzner of TPG Rise Climate emphasized the goal of accelerating textile industry decarbonization through Syre’s recycling process.

The funding will finance the construction of a blueprint plant in the U.S., set to launch later this year, and preparations for gigascale recycling plants in Vietnam and Iberia, with construction starting in 2025. This investment also facilitated Syre’s full acquisition of Premirr’s patented technology, which efficiently transforms post-consumer waste into circular polyester.

Syre’s R&D hub will remain in North Carolina, close to where Premirr’s technology was developed. This integration aims to scale the company globally and advance the decarbonization of the textile industry.

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