Pela revenues taking off
Contributed - Oct 16, 2020 - Biz Releases

Photo: Instagram

Another business publication has released its list of Canada’s fastest-growing companies, and a Kelowna company has cracked the top 10.

Weeks after Vitalis Extraction Technology landed at No. 3 on the Globe and Mail’s second annual Top 400 list, Pela placed No. 9 in Canadian Business’ 32nd annual Fastest-Growing Companies feature.

Pela produces biodegradable phone cases and has been financially backed by a venture company that includes hip-hop billionaire Jay-Z. The company, which was founded in 2011 and had 43 employees in 2019, produced a five-year revenue growth rate of 10,256%.

Three other Kelowna companies cracked the list, including Highstreet Ventures at No. 73. Highstreet also made the Globe and Mail’s fastest-growing list.

Jupiter Avionics checked in at No. 147, while Faction Projects, which is in the real estate industry, is No. 162.

Canadian Business ranked companies based on five-year revenue growth and shortlisted companies based on revenue figures supplied on a brief self-nominating ballot. It then verified revenue claims and eligibility through detailed questionnaires and reviews of applicant-supplied financial statements.

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