Syre, a Stockholm-based textile impact company launched in March this year by Vargas and H&M Group, has secured a significant milestone with a $100 million Series A funding round. The investment, led by TPG Rise Climate, with additional contributions from founding investor H&M Group and strategic partners like Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars, underscores a strong commitment to drive sustainable change in the textile industry.
The funding will support the construction of a blueprint plant in the U.S. and lay the groundwork for the company’s first two gigascale textile-to-textile recycling plants, with Vietnam and Iberia shortlisted as potential locations. Syre’s innovative recycling process, fully acquired through this equity funding, promises to revolutionize the industry by transforming post-consumer waste into circular polyester efficiently and at scale.
Syre, founded in 2023 in Stockholm, Sweden, is a textile impact company spearheading the green shift in the textile industry. With a mission to decarbonize and dewaste the sector through hyperscale textile-to-textile recycling, starting with polyester, Syre aims to create a circular economy where every textile fiber gets a new life.
“I am thrilled that some of the most ambitious investors globally have joined our quest to lead the great textile shift. 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”, says Dennis Nobelius, CEO of Syre.
Joerg Metzner, Business Unit Partner at TPG Rise Climate, comments: “We look forward to accelerating the decarbonization of the textile industry through Syre’s unique textile-to-textile recycling process. 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 U.S., which will be up and running later this year, as well as preparations to establish the company’s first two gigascale textile-to-textile recycling plants. Following its global site selection process, Syre has shortlisted Vietnam and Iberia as the locations for its first two plants. Both regions are strategically positioned within the textile supply chain and have a long history of a vibrant textile industry, with access to know-how, feedstock, and logistics as well as green energy. The specific site selection process now continues with the goal of starting the construction process in 2025.
This equity funding further allowed Syre to fully acquire the patented technology that is the centerpiece 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 leading capability to transform post-consumer waste into circular polyester in a very energy-efficient way that can be rapidly scaled globally.
“We completed a rigorous search and evaluation of 20+ polyester recycling technologies worldwide. That’s how we found Chris Luft and Matthew Parrott, founders of Premirr. Although the partnership agreement was entered into last year, it is now that Premirr is fully integrated into Syre, and I’m really proud to have the founders onboard as we continue to scaling the team and company”, says Dennis Nobelius, CEO of Syre.
Syre’s R&D hub will remain in North Carolina and further grow from there, close to the Research Triangle Park where the technology was originally developed.
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