Galy raises $33m for bioreactor-grown cotton expansion
“Lab-grown cotton” start-up Galy has closed an oversubscribed $33 million Series B financing led by Breakthrough Energy Ventures (BEV) with additional participation from new investors H&M Group and Inditex.
The funds will primarily fuel the expansion of its research and development on its cellular agriculture platform and its flagship product, Galy Cotton.
Luciano Bueno, CEO and founder of Galy, said: "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."
The company said Galy Cotton replicates traditional cotton in quality, retaining its exact attributes because it originates from a plant, all while offering ESG benefits, customisable quality and a roadmap to reach cost parity. Galy is expanding its cellular agriculture platform beyond cotton to include other plant-cell products.
Other investors in the round include Material Impact, John Doerr’s family office (Eighty Eighty Group), Artesian, BRINC and Reaction Global. Additionally, there was participation from Indorama Ventures, Endeavor Scale-up Ventures and Unreasonable.
Ryan Panchadsaram, John Doerr’s technical advisor at Kleiner Perkins, said: “Galy’s breakthrough in growing agriculture like cotton and others in a bioreactor is a game-changer. Over the past two years, they have proven their technology works across multiple crops. With this new capital, they will focus on scaling up and improving the quality of their products.”
