JAY-Z and other investors with Marcy Venture Partners (MVP) 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 — a Kelowna-based company who are makers and distributors of the world’s first compostable phone case.
The company was originally founded by Jeremy Lang in Saskatchewan, however the headquarters moved to Kelowna last year to help with the company’s expansion. The company’s flagship flax-oil seed material that helps to make the the phone is still being produced in Saskatchewan.
Pela public relations specialist Catie St. Jacques said the investment will bring multiple jobs to the Kelowna company.
“We’ll be adding 15 job opportunities to our Kelowna team with the investment,” said Pela in a press release.
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St. Jacques said there are a couple of plans moving forward with the investment.
“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.”
Among the new retailers set to carry the IPhone and Android Pixel cases is Target. The company will begin distributing their products to the company nation-wide starting Oct. 20.
The phone case stands apart from others by breaking down if left in natural environments likes carbon, water and organic matters.
The idea for the company started out in 2010 by Lang after he was struck by all the small pieces of plastic washing up on local beaches.