Syre raises 500 MSEK

 (Stockholm, a textile impact company decarbonizing the industry through textile-to-textile recycling): Has raised 500 MSEK in a funding round from TPG Rise Climate. Early investors include H&M with founding member Karl-Johan Persson. The plan is to build twelve large-scale recycling plants around the world over eight years, that together can produce 3 million tons of recycled textile. “We will need several billion dollars to realize the plan. Even then, we are only aiming for a market share of 3 percent by 2032,” comments Dennis Nobelius.