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An innovative Kelowna company has closed a major round of funding.
Marcy Venture Partners is investing $5 million in the company, Pela, the maker of the world’s first compostable phone case.
MVP is a consumer focused VC fund that was co-founded by a group that includes rapper JAY-Z and Roc Nation CEO Jay Brown.
“Part of what excited us about partnering with Marcy Venture Partners is their experience in identifying and amplifying cultural trends," said Matt Bertulli, CEO of Pela.
"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."
Funds from this investment will be used to fuel the rapid expansion of Pela’s leading products in phone protection and continue the company’s drive towards a more sustainable future.
Pela has grown 3,609% in the last five years and have made significant strides towards creating a waste-free future.
In 2018, the company prevented 42,504 pounds of plastic from entering the waste stream, contributed more than $95,000 towards 1% For The Planet and protected 6,462 feet of coastline and 4.5 million miles of ocean.
Pela was founded in Saskatoon by Jeremy Lang in 2011, but made the move to Kelowna in 2018 and are based out of the Innovation Centre downtown.