Sri Lanka’s MAS Holdings has joined a 30 million dollar Series A funding round for Syntetica, a French deeptech company developing technology to recycle textile waste.

The round was led by the Ecotechnologies 2 fund, managed on behalf of the French government by Bpifrance. Other participants include SWEN Capital Partners, sportswear brand lululemon, existing investor EQT Ventures, and the family offices of Peugeot, Etam and the largest shareholder of Indorama Ventures. The European Innovation Council also provided support.

Syntetica has developed a process capable of recycling both Nylon 6 and Nylon 6,6 from mixed textile waste in a single operation. The need to identify and separate different nylon types has been one of the main technical barriers to recycling post-consumer nylon at scale.

Why it matters for apparel

Global nylon production reached around 7 million tonnes in 2024, according to Textile Exchange’s Materials Market Report, but recycled nylon still accounts for only about 2% of the market. More than 80% of textiles discarded by households are incinerated, sent to landfill or abandoned.

Unlike most recycling technologies, which handle clean factory offcuts, Syntetica’s process targets post-consumer textiles — roughly 80% of textile waste and one of the industry’s largest untapped recovery opportunities.

“For decades, mixed nylon waste has been considered too complex and too expensive to recycle at scale,” said Marco Bertone, Syntetica co-founder and chief executive. “This funding allows us to move from breakthrough chemistry to industrial reality.”

Sid Amalean, Director of Group Innovation at MAS Holdings, said the investment was strategic for the wider industry. “We’re excited to support Syntetica to scale their technology by leveraging MAS’ apparel manufacturing expertise.”

Next steps

The funding will pay for Syntetica’s first commercial demonstration plant in France, developed with Michelin’s Centre for Sustainable Materials in Clermont-Ferrand and targeting hundreds of tonnes of textile waste a year. The company already works with brands including Victoria’s Secret and Etam.

MAS Holdings is one of South Asia’s largest apparel manufacturers and a significant Sri Lankan exporter, and has been investing in circular-materials ventures as brand customers press for recycled inputs.

Sources: EconomyNext.