Swedish textile startup Syre is planning to raise up to $700 million to build its next factory in Vietnam following a landmark supply deal with Nike. The company counts TPG Rise Climate, Volvo Cars, IMAS Foundation, Giant Ventures, and Norrsken VC among its supporters.
Syre plans to start approaching investors in about six months, with the goal of closing the $500–700 million round within a year. The fresh capital will finance construction, operations, and supply chain infrastructure for the Vietnam facility, which will strengthen Syre’s global production network and proximity to major apparel manufacturing hubs.
This will be Syre’s second facility, following its first plant in the United States, which was financed through a $100 million raise in 2024.
Scales global production after Nike partnership
Founded in 2023 by Susanna Campbell, Syre has quickly positioned itself as a key player in the sustainable materials sector. Its latest partnership with Nike provides both validation and momentum. The multi-year contract will see Syre supply the sportswear giant with recycled polyester, a move that aligns with Nike’s ongoing efforts to lower its environmental footprint.
Syre’s CEO Dennis Nobelius described the Nike deal as a “bankable offtake agreement,” allowing the company to leverage it for project financing, specifically, for its upcoming Vietnam factory.
Recycling the future of fashion
Syre’s technology converts textile and plastic waste into high-quality recycled polyester, offering a circular alternative to virgin materials that dominate the fashion industry. With clients like Nike, H&M, Gap, Target, and Houdini Sportswear, the company is establishing itself as a preferred sustainable fiber supplier for global brands under pressure to decarbonise.
By combining industrial expertise with scalable recycling innovation, Syre is setting a new benchmark for circular fashion manufacturing. Its upcoming fundraising round could accelerate not only the company’s growth but also the shift toward a more sustainable and traceable textile supply chain.
