HM Group
Assembly Line
GALY Raises $33 Million in Oversubscribed Series B Financing to Advance its Cellular Agriculture Platform
GALY CO., a climate tech company pioneering the development of first-of-its-kind sustainable cellular agriculture products, announced the closing of an oversubscribed $33 million Series B financing led by Breakthrough Energy Ventures (BEV) with additional participation from new investors H&M Group and Inditex. In addition to BEV, H&M Group, and Inditex, the oversubscribed investment round was joined by repeat investors including 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, among others.
The funds will primarily fuel the expansion of GALY’s research and development on its innovative cellular agriculture platform and its flagship product, “GALY Cotton,” which uses 99% less water and 97% less land than traditional cotton while emitting 77% less CO2, as it advances towards pre-industrial quality and scale.
Infinited Fiber Company Successfully Completes EUR 40 million Development Financing Round
Technology and fashion company Infinited Fiber Company has successfully completed a two-part development financing round totaling 40 million euros, with significant investments from new investors Inditex, TTY Management, Youngone and Goldwin, in addition to existing ones. After the development financing round, Inditex, TTY Management and H&M Group are the largest shareholders of Infinited Fiber Company.
Infinited Fiber Company is a Finnish technology and fashion company with a patented technology that turns cotton-rich textile waste, such as worn-out t-shirts, jeans, and production scraps into Infinna™, a virgin-quality, versatile textile fiber with the soft and natural look and feel of cotton. Infinna™ is biodegradable, contains no microplastics, and at the end of their life, garments made with it can be recycled in the same process together with other textile waste, enabling circularity in fashion.
H&M Group and Vargas Holding launch Syre, a new venture to scale textile-to-textile recycled polyester
The co-founded venture, also backed by TPG Rise Climate, aims to rapidly scale textile-to-textile recycling of polyester and contribute to a more sustainable textile industry. H&M Group has secured an offtake agreement with Syre worth a total of USD 600 million over seven years, covering a significant share of H&M Group’s long-term need for recycled polyester, which is currently primarily sourced from rPET bottle-to-textile.
Through Syre, H&M Group aims to contribute to a meaningful shift in the industry by moving away from virgin polyester and the current industry standard bottle-to-textile recycling, known as recycled polyester (rPET), towards a closed loop alternative.
H&M Group has also strengthened its recycled material ambition – an important part of the strategy to decouple growth from virgin resource use. H&M Group’s overarching material ambition is to have 100 percent of materials to be either recycled or sourced in a more sustainable way by 2030, with the subgoal of 30 percent recycled materials by 2025. As the company is moving closer to achieving the target of 30 percent recycled materials by 2025, the ambition is to now aim for 50 percent recycled by 2030.