Syre's $100 Million Series A Funding and Expansion Plans

Syre, the textile impact company, recently secured a whopping $100 million in Series A funding to fuel its ambitious plans for gigascale textile-to-textile recycling plants. The company, founded by Vargas and H&M Group, is on a mission to revolutionize the textile industry by decarbonizing and dewasting through innovative recycling processes. With strategic partners like TPG Rise Climate, Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo Cars on board, Syre is poised to lead the great textile shift towards sustainability and circularity. The funding will support the construction of a blueprint plant in the U.S. and the establishment of the first two gigascale plants in Vietnam and Iberia. These locations were chosen for their strategic positioning within the textile supply chain and access to essential resources like know-how, feedstock, logistics, and green energy. Syre's acquisition of patented technology from Premirr further strengthens its position as a leader in textile recycling, with a focus on transforming post-consumer waste into circular polyester in an energy-efficient manner. The company's R&D hub in North Carolina will continue to drive innovation and growth, ensuring that Syre remains at the forefront of sustainable textile production. With a vision to create a future where every textile fiber gets a new life, Syre is set to make a significant impact on the industry and pave the way for a more sustainable and circular textile economy.