The Honourable Harjit S. Sajjan announces funding of over $3.25 million to three companies in the food processing and digital technology sectors
VICTORIA, BC, July 20, 2022 /CNW/ - British Columbia's small and medium-sized enterprises (SMEs) are critical to their communities – they create jobs, drive economic growth, and develop products and services that help solve local and global challenges.
Today, the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced over $3.25 million in funding through the Business Scale Up and Productivity (BSP) program for three innovative companies looking to accelerate their growth and reach new markets.
Minister Sajjan made the announcement with DeeBee's Organics, Inc. (DeeBee's), where BSP funding of over $1.4 million will help power the women-owned company's high-growth trajectory. DeeBee's produces all-natural shelf stable organic freezer pops called SuperFruit Freezies that are sold in over 15,000 retailers across North America. Funding will help DeeBee's develop three new organic food products, increase its intellectual property and trademarks, and market its products internationally. This will create up to 20 new jobs and tens of millions in revenue growth.
Minister Sajjan also announced support to two other companies.
Codename Entertainment Inc. is also receiving $1.35 million through the BSP program. Codename Entertainment is an industry-leading video game studio that has produced highly successful games, including the officially licensed Dungeons & Dragons game: Idle Champions of the Forgotten Realms – which is available on platforms including Steam, Epic Games Store, Xbox, and PlayStation. With BSP funding, Codename will reach new international markets by translating Idle Champions into ten more languages. The company expects to increase their workforce by 25% and generate millions of dollars in additional sales.
Peloton Technologies, Inc. (Peloton) will also receive $500,000 in BSP funding. Peloton offers a cloud-based payment platform that allows their customers to consolidate all banking and payment activity into a single portal. With BSP funding, the company will expand its client base by marketing innovative branded solutions to partners looking to switch merchants from paper-based transaction methods to streamlined digital payments. Federal funding will help create up to 12 new jobs and millions in revenue growth.
Promoting innovation is a priority for PacifiCan. These investments will generate jobs and growth on Vancouver Island and help position British Columbia as a leading destination for high-growth companies.
Innovators interested in the BSP program are encouraged to visit our website as the program is currently accepting expressions of interest until July 27, 2022 at 12:00 pm PDT.
"British Columbia is a great place for high-growth companies to take their business to the next level and PacifiCan is here to help. These investments are an example of how federal support in innovative local companies can provide the boost needed to accelerate growth, open new market opportunities, and create well-paying jobs in our communities."
- The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada
"DeeBee's Organics is honoured to have been selected as one of the successful recipients of the Business Scale Up and Productivity program funding. This funding is a game changer and will help DeeBee's grow through investment in innovation, intellectual property, export expansion, and will enable the hiring of a number of very talented Canadians. With federal investment, we are excited to report that DeeBee's continues on its strong growth trajectory of 113% over prior year through deep distribution and strong velocity across the Omni channel North America."
- Dr. Dionne Laslo-Baker, Founder & CEO, DeeBee's Organics
"Thanks to the support of the BSP, Codename is building a crucial strategic competency localization that will allow us to compete in new global markets and unlock significant revenue growth."
- Eric Jordan, CEO, Codename Entertainment Inc.
"Our team has grown 300% in the past 18 months and has successfully filled the 12 projected HQP jobs. The low cost capital of the BSP has allowed us to grow quicker while maintaining our strategic direction and long term vision."
- Craig Attiwill, Founder & CEO, Peloton Technologies Inc.
- PacifiCan is the regional development agency dedicated to British Columbia. PacifiCan promotes growth and diversification in British Columbia's economy by enhancing innovation, improving business competitiveness, and promoting inclusive growth.
- The Business Scale-up and Productivity (BSP) program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
- Pacific Economic Development Canada
- Business Scale-Up and Productivity
- Deebee's Organics
- Codename Entertainment Inc.
- Peloton Technologies Inc.
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SOURCE Pacific Economic Development Canada
Haley Hodgson, Press Secretary, Office of the Minister of Economic Development, [email protected]; Ben Letts, Communications Manager, Pacific Economic Development Canada, [email protected]
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