Fresh funds for chemical recycling start-up
16/07/2024
Investors in the eight-month-old company include EQT Ventures, which led the funding round, and the family offices of Peugeot and Etam, Volta Circle (Indorama Ventures’ shareholders family office), Better Angle, Pareto Holdings, Athletico Ventures, Bear Flag Capital, IDEC Group, along with athletes Jean-Éric Vergne, formula-E champion, and former tennis player Paul-Henri Mathieu.
The company is already working with Victoria’s Secret and Etam. The French intimate apparel retailer plans to present a first fully recycled prototype in 2025 and a capsule collection made from nylon recycled by Syntetica in 2026.
“To have the backing of EQT Ventures, a leading climate tech investor, and a number of tier-one fashion retailers so early on in our journey is a huge endorsement of our technology. We are excited to build on this momentum, grow the team, and kickstart production,” commented Marco Bertone, Syntetica co-founder and CEO.
Syntetica will use the capital to expand its technical team. It plans to reach a pre-industrial scale by mid-2026. Its chemical depolymerising technique is said to break down blended textiles in a low-temperature and no-pressure process. The company says that its process is “feedstock agnostic” and “uses off-the-shelf chemicals and existing lab infrastructure” making it potentially easier to scale.
Image: founders Marco Bertone and Louis Monsigny.
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