Swedish textile startup Syre AB plans to raise as much as $700 million in fresh funding to build a factory in Vietnam, following a supply deal with Nike Inc. that it says will help unlock new borrowing.

Syre chief executive officer Dennis Nobelius said the company has struck a multi-year agreement to supply the world’s largest sportswear group with recycled polyester. It’s a move that will also strengthen Syre’s prospects for financing, he added.

Founded in 2023 by Hennes Mauritz AB and Vargas Holding AB, the company raised $100 million in 2024 to fund its first facility in North Carolina. Nobelius says the textile supplier now plans to take a more “sequential” approach to fundraising compared to earlier Vargas-backed ventures such as bankrupt battery maker Northvolt AB.

The Nike cont

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