PALLITE®, the designer and manufacturer of environmentally friendly paper pallets and shipping crates, has secured over £620,000 funding in the first week of fundraising on Crowdcube. This represents 62% of the overall target of £1m.
PALLITE® has attracted investment from 22 backers to further drive the business’s rapid growth. The crowdfund remains open until the 25th July and in the likely event that the initial target of £1m is reached the company will accept overfunding to drive further growth. PALLITE® will also plant 500 trees for every £250,000 they raise up to their initial target.
This fundraising success is recognition of the importance of sustainability and PALLITE®’s strong growth and market opportunity. In 2018, revenues rose by 58% to £1.1m and by 77% in the first five months of 2019 giving a run rate of over £2m. PALLITE®’s customers include household names such as Morrisons.
PALLITE®’s products reduce raw material use and carbon emissions to help businesses reduce their impact on the environment.
Over 80% of PALLITE® product is made from recycled paper and all products are 100% recyclable at the end of their life, unlike traditional wooden and plastic pallets.
PALLITE® products are designed and manufactured in the UK at their facility in Wellingborough.
Commenting on the successful first week of fundraising, Iain Hulmes, CEO of PALLITE, said: “We are delighted that the environmentally-conscious investors have recognised PALLITE’s business opportunity and that our unique products can help address key environmental concerns. This investment will enable us to continue the rapid growth we’ve had over the past 18 months and allow our clients to substantially reduce their environmental impact.”
Commenting on PALLITE’s sustainability offering, Iain Hulmes, CEO of PALLITE, said: “The need to address the environmental challenges we all face has never been clearer, and our products represent a simple opportunity for businesses to minimise their environmental impact. They are lightweight, recyclable and much less resource-intensive than traditional wooden and plastic pallets. Sustainable products are the future as businesses have a responsibility to reduce their impact on the planet.”