The capital will mainly support Galy’s growth in research and development of its cutting-edge cellular agriculture technology and flagship product, “Galy Cotton.” Galy Cotton utilizes 99% less water and 97% less land than conventional cotton while emitting 77% less CO2. It is progressing toward industrial-scale quality and volume.
The financing was led by Breakthrough Energy Ventures with additional investments from new backers H&M Group and Inditex.
“We are excited that investors recognize the vital role our climate adaptation tech will have in everyday life,” said Galy CEO and Founder Luciano Bueno. “Climate change reveals the fragility of farming supply chains, and the recent cocoa price surge illustrates the new normal. Unfortunately, it’s not ‘if’ but ‘when.’ Soon, extreme weather will become more frequent, causing increased volatility in traditional agriculture. When that happens, Galy will be prepared, better enabling our economy to withstand these shocks.”
Founded in 2019 with a mission to find ethical and sustainable ag solutions, “Galy Cotton” is the company’s first product targeting conventional cotton. “Galy Cotton” fully replicates traditional cotton in quality and attributes because it comes from an actual plant while offering ESG benefits, customizable quality, and a clear path to cost parity. With this success, Galy is expanding its cellular agriculture platform beyond cotton to other plant-cell products, aiming to address the $1.7 trillion annual global agriculture market.
The highly sought-after funding round attracted not only new investors like BEV, H&M Group, and Inditex, but also previous backers such as Material Impact, John Doerr’s family office Eighty Eighty Group, Artesian, BRINC, and Reaction Global. Other notable new participants included Indorama Ventures, Endeavor Scale-up Ventures, and Unreasonable. In total, the oversubscribed round brought together both new and returning investors enthusiastic about supporting the company’s mission.
Galy’s innovative cellular agriculture technology offers a promising solution to the challenges facing the agriculture industry, according to investors Carmichael Roberts of Breakthrough Energy Ventures, Ryan Panchadsaram of Kleiner Perkins, and Oscar Garcia Maceiras of Inditex. The agriculture sector is deeply affected by climate change while also contributing significantly to greenhouse gas emissions. Galy’s bioreactor approach could complement traditional agriculture without increasing emissions or relying on unstable supply chains, enhancing sustainability and resilience.
Roberts and Panchadsaram emphasized that Galy has successfully demonstrated its ability to grow agricultural products like cotton in a bioreactor, reducing the need for land and water. With further investment, Galy can focus on scaling up production and improving quality. Maceiras noted that Galy’s technology has the potential to greatly reduce the environmental impact of cotton production related to water, chemical, and soil use.
By taking an equity stake, Inditex aims to advance toward a more responsible textile industry and shape the sector’s transformation through strategic capital investments. Martin Ekenbark of H&M Group highlighted Galy’s promising lab-grown cotton on the verge of a breakthrough. If successful, it could reduce reliance on virgin cotton, helping H&M Group work toward its goal of using 100% recycled or sustainable materials by 2030. H&M has partnered with Galy since 2019 and is excited to join this latest investment round, given cotton comprises about 60% of its sourced materials.
