Syre has announced 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, IMAS, Norrsken VC and Volvo Cars.

“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.

The funding round will finance the construction of the company’s 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.

_{One step closer to having 12 production plants at full speed by 2032}

“With the completion of the Series A round, Syre is well-positioned to continue its journey to decarbonise and dewaste the textile industry. This funding will accelerate the company’s ambitious hyperscale plan, with the goal of having 12 production plants at full speed worldwide, by 2032” says Carl-Erik Lagercrantz, CEO of Vargas, and Board Member of Syre.

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 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. Syre’s R&D hub will remain in North Carolina and further grow from there.