Three Victoria businesses receive over $3 million in PacifiCan funding

Pacific Economic Development Agency announces funding of over $3.25 million to three companies in the food processing and digital technology sectors.

Backed with a PhD in maternal-fetal toxicology, Dr. Dionne Laslo-Baker has taken her Victoria food business from local player to global contender.
Backed with a PhD in maternal-fetal toxicology, Dr. Dionne Laslo-Baker has taken her Victoria food business from local player to global contender.

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 July 20 for three Victoria businesses looking to scale up.

DeeBee’s Organics, Inc., a 2015 Douglas 10 to Watch winner, will receive over $1.4 million in funding to support their 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. The goal is to create up to 20 new jobs and tens of millions in revenue growth.

“This is a game changer,” says Dr. Dionne Laslo-Baker, Founder & CEO, DeeBee’s Organics. “[It] 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.”

Codename Entertainment Inc. will receive $1.35 million. The industry-leading video game studio 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.

“Codename is building a crucial strategic competency localization that will allow us to compete in new global markets and unlock significant revenue growth,” says CEO Eric Jordan. 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) receives $500,000. The company offers a cloud-based payment platform that allows their customers to consolidate all banking and payment activity into a single portal. (2023 update: Peloton received a $1.5 million extension from PacifiCan, bringing their total investment to $2 million).

Founder and CEO Craig Attiwill says “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.”

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.

A media release says “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 their website as the program is currently accepting expressions of interest until July 27, 2022 at 12:00 pm PDT.

See also Vancouver Island businesses named to Canada’s Top Growing Companies.