TLDR:
Key Points:
- Syre, a textile recycling startup backed by H&M, raised $100 million in a Series A financing round.
- The company aims to mass produce textile-to-textile recycled materials to support the clothing industry’s decarbonization and waste reduction efforts.
Textile recycling startup Syre recently announced the successful raising of $100 million in a Series A financing round, aimed at supporting the company’s buildout. Founded earlier this year by H&M Group and impact-focused venture investor Vargas, Syre is focused on mass producing textile-to-textile recycled materials to create a closed-loop solution for the clothing industry. The company is currently building its first blueprint production plant in North Carolina, with plans to expand to twelve plants globally within the next ten years. This expansion is expected to result in the production of over 3 million metric tons of recycled polyester and a reduction of over 15 million metric tons of CO2e.
The new capital will be used to finance the construction of the U.S. blueprint plant, as well as preparations for establishing the company’s first two gigascale textile-to-textile recycling plants. The company has shortlisted Vietnam and Iberia as potential locations for these plants, strategically positioning them within the textile supply chain. The funding will also enable the full acquisition of the technology central to Syre’s textile-to-textile recycling solution, developed by North Carolina-based company Premirr.
TPG Rise Climate led the funding round, with additional investments from H&M Group, Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo. Joerg Metzner of TPG Rise Climate expressed excitement about accelerating the decarbonization of the textile industry through Syre’s innovative recycling process, highlighting the potential for scaling the company worldwide in the coming years.
Overall, Syre’s significant funding and strategic partnerships position it as a key player in driving sustainability within the textile industry through innovative recycling solutions.
