Syre Targets $700 Million Investment Round Within 12 Months

Syre seeks financial lung. The next-generation materials company plans to raise up to $700 million through a financing round, Bloomberg has learned. The announcement, which comes from Syre CEO Dennis Nobelius, follows the company’s purchase agreement signed yesterday with Nike.

According to Nobelius, the next gen company will begin contacting lenders and investors within six months, with the goal of raising between $500 million and $700 million in approximately one year. The executive said that the plans are mainly to allocate the flow to the construction of a plant in Vietnam before 2027.

The project, officially announced earlier this year, will be the Swedish company’s first industrial-scale plant, which it expects to be operational in 2029. Syre must receive the green light from the Vietnamese government to start its project, which requires approval of textile waste import licenses.

Syre has reached agreements with Nike, Gap, Target and Houdini Sportswear in the past year

Nike sealed a purchase agreement with Syre yesterday, thus becoming the group’s main supplier of this fabric. The first products will reach the market in the next few years, through the US fashion and sportswear giant’s main performance lines.

Agreements of this kind enable companies in the sector, such as Nike, to secure the long-term supply of recycled materials. For next gen companies, on the other hand, it facilitates their access to financing thanks to the support of industry giants.

The company, which was born within H&M in 2023 but already has other investors such as the Vargas Holdings and TPG Rise Climate funds, has added major groups to its brand portfolio in recent months. Gap, Target and Houdini Sportswear have been the latest giants to seal a purchase commitment with the company, in mid-2025.