Kelowna’s Pela, maker of world’s first compostable phone case, has closed a $5 million funding round of funding.
Marcy Venture Partners (MVP), the consumer focused VC fund co-founded by JAY-Z, Jay Brown, and Larry Marcus led the round with Toronto-based Kensington Capital.
Pela was founded in 2011 by environmental consultant, Jeremy Lang after a family vacation to Hawaii. He was shocked to see the level of plastic pollution that was washed up on the shores and decided to come up with a solution.
After much research, trial and error, Lang created a material called Flaxstic, a unique blend of plant-based biopolymer mixed with flax shive, an annually renewable waste byproduct of the flax oilseed harvest in Canada.
“Pela has incredible values and offers incredible value in its products,” said Larry Marcus, Co-Founder and Managing Director of MVP, “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.”
While Pela has grown 3,609% in the last 5 years, 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 toward 1% For The Planet.
“Part of what excited us about partnering with Marcy Venture Partners is their experience in identifying and amplifying cultural trends,” said CEO of Pela, Matt Bertulli. “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.”
While Pela has grown 3,609% in the last 5 years, 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 toward 1% For The Planet. Pela is excited to be part of the change to see consumers making smart choices when it comes to choosing which products to support.
Pela makes cases for the entire line of currently available Apple iPhones as well as Samsung Galaxy and Google Pixel Android smartphones.
Pela’s flagship phone case completely breaks down into carbon, water, and organic biomass. Meaning that you can put it into the compost when you’re finished with it.