Galy has secured $33 million in a Series B funding round to expand its sustainable lab-grown cotton technology.
Galy, a pioneering climate tech firm specializing in sustainable cellular agriculture, has raised $33 million in an oversubscribed Series B funding round. The investment was spearheaded by Bill Gates’ Breakthrough Energy Ventures, with significant contributions from new backers such as H&M Group and Inditex. The company’s current cap table includes Sam Altman (Hydrazine Capital), Tony Fadell’s Build Collective, Tim Draper (Ventures Lab), Pillar VC, Petri Bio, Harry Tannenbaum, Yoav Lurie, Babel Ventures, Lake House, Incite, Agronomics, Fashion For Good, and Apollo Projects, among others. The influx of new capital will support Galy’s efforts to scale its groundbreaking cellular agriculture platform, focusing on its flagship cotton product, which uses dramatically fewer resources than conventional cotton production.
“We are thrilled to have investors who recognize the crucial role that our climate adaptation technology will play in our daily lives,” Luciano Bueno, CEO and founder of Galy, said in a statement. Bueno highlighted the urgent need for innovative agricultural solutions in response to climate change. “Climate change exposes the fragility of agricultural supply chains, and the recent rise in cocoa prices is a stark reminder of the new normal we face. Unfortunately, it’s not a matter of ‘if,’ but ‘when.’ Soon, the world will face increased volatility in conventional agriculture as extreme weather conditions become more frequent. When that time comes, Galy will be ready, better equipping our economy to withstand these shocks.”
Galy’s lab-grown cotton represents a transformative shift in agricultural practices, utilizing 99 percent less water and 97 percent less land compared to traditional cotton farming. Additionally, it reduces carbon dioxide emissions by 77 percent, addressing some of the most pressing environmental concerns associated with conventional agriculture. By advancing this technology to a pre-industrial scale, Galy aims to offer a viable alternative to traditional cotton, which has long been criticized for its intensive use of natural resources.
Óscar García Maceiras, CEO of Inditex, said Galy has developed “a promising technology” to reduce the impact of cotton production on water, chemicals, and soil use. “Taking this equity interest marks a significant step in our commitment to advancing toward an innovative and more responsible textile industry,” he added.
Expanding beyond cotton
Since its founding in 2019, Galy has focused on creating ethical and sustainable alternatives to traditional farming methods. While Galy Cotton is the first product to emerge from this vision, the company is already exploring the application of its cellular agriculture platform to other plant-cell products. This diversification could disrupt a global agricultural market worth $1.7 trillion annually.
The backing from Breakthrough Energy Ventures, founded by Bill Gates, along with investments from other major players, is a testament to the viability and potential impact of Galy’s technology. Carmichael Roberts of Breakthrough Energy Ventures remarked, “Agriculture is arguably the industry sector most impacted by climate change, while also being a major driver of greenhouse gas emissions itself. We need alternatives that can complement traditional agriculture without contributing to emissions or creating an overreliance on unstable supply chains.
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