STOCKHOLM, May 23, 2024: Syre, the textile impact company initiated by Vargas and H&M Group which launched in March this year, today announces the signing of a $100 million Series A. The funding round was led by founding investor TPG Rise Climate who was joined by an additional investment from founder H&M Group as well as the following strategic partners:
- Giant Ventures Giant backs purpose-driven founders solving the world’s biggest challenges, from climate and health to inclusive capitalism.
- IMAS Foundation A purpose driven sister foundation to INGKA Foundation - the owner of Ingka Group, which owns and operates the majority of IKEA stores globally.
- Norrsken VC Europe's leading early-stage impact investor, with $450+ AUM and 50+ portfolio companies taking on the world's biggest challenges while building massive businesses.
- Volvo Cars Founded in 1927 and today one of the most well-known car brands in the world, aiming to become a fully electric car maker by 2030 and achieve net-zero greenhouse gas emissions by 2040.
“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.