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Wednesday, June 19, 2024

Textile recycling startup Syre raises 100 million dollars

Textile recycling startup Syre has raised $100 million in a Series A financing round, aimed at supporting the company’s buildout, aimed at mass producing textile-to-textile recycled materials, and enabling a closed loop solution for the clothing industry.

Syre was launched earlier this year by fashion and design brands company H&M Group and impact-focused venture investor Vargas. Syre aims to support the decarbonization and waste reduction efforts of the textile industry through textile-to-textile recycling, starting with Polyester, which accounts for up to 40 percent of the sector’s emissions.

The company is currently building its first blueprint production plant in North Carolina, anticipated to be operational later this year, after which it plans to build twelve plants globally within ten years, with a production target of more than 3 million metric tons of recycled polyester, and abating over 15 million metric tons of CO2e.

The new capital will finance the construction of the new U.S. blueprint plant, as well as preparations to establish the company’s first two gigascale textile-to-textile recycling plants. The two locations shortlisted for these plants are Vietnam and Iberia as both regions are strategically positioned within the textile supply chain. The the start of construction is targeted for 2025.

The company says that the financing will also allow the company to fully acquire the technology at the center of its textile-to-textile recycling solution. The technology was developed by North Carolina-based company Premirr. Although the partnership agreement was entered into last year, it is now that Premirr is fully integrated into Syre.

The funding round was led by TPG Rise Climate with additional investment from H&M Group as well as Giant Ventures, IMAS Foundation, Norrsken VC, and Volvo. Pairing TPG Rise Climate’s capital and global business building capabilities with the world class team of Syre and its proprietary technology creates a strong foundation for scaling the company across major manufacturing plants around the world in the coming years.

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