Syre, a Stockholm, Sweden-based textile affect firm, raised $100M in Collection A funding.
The spherical was led by TPG Rise Local weather who was joined by a further funding from founder H&M Group in addition to Big Ventures, IMAS Basis, Norrsken VC, and Volvo Vehicles.
The corporate intends to make use of the funds to finance the development of the blueprint plant within the U.S., which can be up and operating later this 12 months, in addition to to determine its first two gigascale textile-to-textile recycling crops.
Based in 2023, by Vargas and H&M Group, and led by CEO Dennis Nobelius, Syre is a textile affect firm aiming to decarbonize and dewaste the textile trade by textile-to-textile recycling at hyperscale, beginning with polyester. Its textile-to-textile recycling resolution supplies round polyester with high quality on par with virgin polyester, however with a sustainability efficiency.
This fairness funding additional allowed Syre to totally purchase the patented know-how that’s on the core within the firm’s textile-to-textile recycling resolution. The know-how has been developed over greater than 9 years by the North Carolina-based firm Premirr, who demonstrated its functionality to remodel post-consumer waste into round polyester in a really energy-efficient means that may be quickly scaled globally.
FinSMEs
30/05/2024
