Kelowna company earns attention from JAY Z's VC fund - InfoNews

Current Conditions

Partly Cloudy
7.0°C

Kelowna company earns attention from JAY Z's VC fund

Pela just earned some high powered support
Image Credit: SUBMITTED/PELA
October 08, 2019 - 4:26 PM

KELOWNA - A Kelowna company just got a cash infusion from some very high profile investors.

Pela, the Kelowna-based maker of compostable phone cases that's racking up accolades across the globe, today announced it has closed a $5 million round of funding with Marcy Venture Partners, the consumer-focused venture capital fund co-founded by JAY-Z, Jay Brown, and Larry Marcus.

The capital is being used to fuel rapid expansion of the company's leading products in phone protection and drive towards a more sustainable future using largely flax seed to create the cases.

"Pela has incredible values and offers incredible value in its products," Larry Marcus, co-founder and managing director of MVP, said in a press release. "Matt Bertulli and the team are tapped into the tuned-in, conscious and discerning consumer that cares about what they buy. Their products offer a powerful combination of utility, design and sustainability." 

CEO of Pela, Matt Bertulli said partnering with Marcy Venture Partners is exciting because of their experience in identifying and amplifying cultural trends.

"To us, there's nothing more important than continuing to be a leader in a large global movement toward sustainable consumerism and we're very excited to have the support of MVP," Bertulli said in a press release.

Consumer trends are showing that sustainability is no longer a niche market. According to a recent survey conducted by Neilsen, 81 per cent of global consumers say it's extremely important that companies implement programs to help improve the environment.

Pela has grown 3,609 per cent in the last five years, and in 2018 they also made significant strides toward creating a waste-free future. From preventing 42,504 pounds of plastic from entering the waste stream, protecting 6,462 feet of coastline, 4.5 million miles of ocean and contributing $95,439.66 to 1% For The Planet

Pela makes cases for the entire line of currently available Apple iPhones as well as Samsung Galaxy and Google Pixel Android smartphones and has been featured in Forbes, Mashable, NowThis, Bustle and more. Pela will be available at Target, nationwide on Oct. 20. 

Pela was founded in 2011 by environmental consultant, Jeremy Lang and is now located in Kelowna, BC. To learn more about Pela's sustainable products visit their website. 


To contact a reporter for this story, email Kathy Michaels or call 250-718-0428 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © iNFOnews, 2019
iNFOnews

  • Popular kamloops News
  • Comments
View Site in: Desktop | Mobile