Galy, the Boston-based developer of sustainable cellular agriculture products founded in 2018, has closed an oversubscribed $33 million Series B financing round led by Breakthrough Energy Ventures, with additional participation from new investors H&M Group and Inditex.

The funds will primarily fuel the expansion of Galy’s research and development as its flagship product, lab-grown Galy Cotton, advances towards pre-industrial quality and scale.

Galy Cotton is said to use 99% less water and 97% less land than traditional cotton while emitting 77% less CO2 emissions. It fully replicates traditional cotton in quality, retaining its exact attributes because it originates from an actual plant, while offering sustainable benefits, customisable quality and a clear roadmap to reach cost parity.

Galy has also secured millions of dollars in proof-of-concept agreements with top industry players as well as a ten-year, $50 million offtake agreement with Suzuran Medical, a Japanese medical supplies manufacturer.

“We are thrilled to have investors who recognise the crucial role that our climate adaptation technology will play in our daily lives,” said Luciano Bueno, CEO and founder of Galy. “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. 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.”

“Agriculture is arguably the industry sector most impacted by climate change, while also being a major driver of greenhouse gas emissions itself,” added Carmichael Roberts of Breakthrough Energy Ventures. “We need alternatives that can complement traditional agriculture without contributing to emissions or creating an over-reliance on unstable supply chains. Galy’s cellular agriculture technology provides a solution to these challenges while enhancing resource efficiency and building climate resiliency for the sector.”

www.galy.co