The brand grew out of Future Tech Lab, a material-innovation incubator founded by Miroslava Duma, and rose to prominence during the COVID-19 pandemic with backing from figures including Will Smith, Jaden Smith and Leonardo DiCaprio. In 2021 it acquired the Italian technical-textile pioneers Grado Zero and built an R&D subsidiary in Florence around FLWRDWN, a patented vegan thermal insulation made from wildflowers and biopolymers.
In January 2025 the Abu Dhabi-based Royal Group acquired a controlling stake, and that year former Inditex director Daniel Gómez Rojas was named CEO. In 2024 Pangaia opened its first UK flagship at 57 Carnaby Street, London — part retail space, part educational hub.