Jay-Z is supporting an environmentally-friendly phone case business based in B.C. with a big investment. According to a press release, Pela's eco-friendly phone cases just got a $5 million investment. The company makes compostable phone cases and they've caught the eye of Marcy Venture Partners, a VC fund co-founded in part by Jay-Z.
According to the press release, the investment was put towards the rapid expansion of the company. The phone cases were designed and invented by a Kelowna-based company called Pela. According to Pela’s website, their phone cases are the world’s first 100% compostable case.
So far, the company has sold 528,112 cases. This has kept more than 290,461 pounds of plastic from being produced. In order to expand the company, Jay-Z’s investment group has provided Pela with $5 million.
"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," he said in the press release.
According to a recent study, 81% of customers are looking to purchase from companies that have programs aimed at helping the environment.
While we can’t get away from using plastics in our actual phones, the company is aiming to deter us away from adding any additional plastics by choosing the phone cases.
"Put simply, as a consumer you can protect your phone and the planet. There doesn't need to be a compromise,” said Bertulli.
Pela has grown by 3,609% in the past five years. They have even donated $95,439.66 to 1% For The Planet.
So far, the phone cases are available for the entire line of Apple iPhones as well as Samsung Galaxy and Google Pixel Android.
Starting October 20, 2019, the Kelowna-based phone cases will be available nationwide at Target.
Everyone seems to be thinking about how they can lessen their carbon footprint and become more environmentally friendly. Apparently, even some of the richest people in the world are getting on board. Maybe we will even see Beyonce using one of these cases in the near future. This is goals.