H&M-Backed Syre Eyes $700 Million in New Funding After Nike Deal

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.