JAY-Z’s VC backs flax cellphone case maker

0
237

In Canada, flax bioplastic cell phone case startup Pela has received funding from Marcy Venture Partners, a venture capital firm co-founded by rap and business mogul JAY-Z.

Pela founder Jeremy Lang developed the cellphone case material, which he dubs Flaxstic™, after studying agriculture at the University of Saskatchewan—a region ranked among the largest oil seed flax producers in the world.  “I always found it odd that we often burn the flax straw (and flax fiber) because the fiber makes it difficult to manage in the field, yet they grow flax specifically for the straw and fiber in Europe,” he tells Yorkton This Week.

Marcy Venture Partners led the $5 million round. The cash will be used to expand production and boost staff from 25 to 40. “It gives us the resources to grow,” Lang says.

Pela’s cases will soon be available in United States Target locations. “Most people when offered a more sustainable option will take it,” he added.