JAY-Z and other investors with Marcy Venture Partners are betting on a Kelowna-based company.
The group, along with Kensington Capital, announced a $5-million investment to help fund the growth of Pela, the world’s first compostable smartphone case.
The company was founded in 2010, when Jeremy Lang was struck by all the small pieces of plastic washing up on the beach.
Production began in Saskatchewan, then headquarters moved to Kelowna as business expanded.
Pela’s flagship flax oilseed material is still produced in Saskatchewan.
“We’ll be adding 15 job opportunities to our Kelowna team with the investment,” said Pela spokesperson Catie St. Jacques.
“We’re really grateful for the funding with MVP and to expand and grow with that investment. We’re looking forward to getting more retailers.”
Target is among the retailers set to carry the iPhone and Android Pixel cases, with distribution to stores across the United States starting Oct. 20.
To learn more about the company, you can visit their website.
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