Swedish textile startup Syre plans to raise up to $700m to build its next factory, after signing a lucrative deal with Nike.
Syre CEO Dennis Nobelius told Bloomberg the company would start approaching investors in about six months, with the aim of raising between $500m and $700m over the next year.
The company was founded in 2023 by clothing giant H&M in conjunction with Vargas, the venture builder behind Northvolt — the now bankrupt Swedish gigafactory — and Stegra, a Swedish green steel manufacturer.
Syre previously raised $100m last year to fund its first facility in the US. It’s next one will be in Vietnam.
The multi-year deal with Nike will see Syre will supply the sportswear group with recycled polyester.
The contract is “a bankable offtake agreement meaning we can use it for project financing, for example, for the Vietnam factory,” Nobelius told Bloomberg.
Syre’s other customers include H&M, Gap, Target and Houdini Sportswear. The company is also backed by TPG Rise Climate, Volvo Car AB, IMAS Foundation, Giant Ventures and Norrsken VC.
