Northamptonshire-based PALLITE®, a designer and manufacturer of sustainable, paper honeycomb board packaging products used in the logistics industry, has raised over £1.1million on Crowdcube.
PALLITE® publicly launched its fundraising campaign on 28th October and quickly passed its £800,000 target.
With a focus on sustainability, the business plans to use the funds raised to support the growth in environmentally-friendly transit packaging sales, as well as promote more sustainable alternatives to foam and polystyrene packaging.
PALLITE®’s 100% recyclable products are made from over 75% recycled materials.
PALLITE® has seen turnover grow 60% a year on average for the last three years, and the business has continued to innovate since its last fundraise in July 2019 where it raised over £1 million. Following a strategic review in December 2019, the team changed tactics to realign field sales efforts and improve production efficiencies.