Galy, a Boston, MA-based climate tech company, raised $33M in Series B funding.
The round was led by Breakthrough Energy Ventures (BEV) with participation from new investors H&M Group and Inditex.
The company intends to use the funds to advance its proprietary lab-grown cotton product, ‘GALY Cotton,’ from lab to pre-industrial scale.
Led by CEO and Founder Luciano Bueno, Galy is a climate tech company dedicated to developing novel cellular agriculture products. Starting with cotton, the company has developed a minimum-viable product and is working on both enhancing the product’s quality parameters and scaling up production. GALY Cotton fully replicates traditional cotton in quality, retaining its exact attributes because it originates from an actual plant, all while offering ESG benefits, customizable quality and a clear roadmap to reach cost parity. The company is now expanding its cellular agriculture platform beyond cotton to include other plant-cell products, aiming to address a global agricultural market valued at $1.7 trillion annually.
FinSMEs
04/09/2024