PALLITE, the manufacturer of lightweight, strong and environmentally friendly paper pallets and shipping crates, has secured over £620,000 funding in its first week of fundraising on Crowdcube.
This represents 62% of the overall target of £1m.
The company has attracted investment from 22 backers to further drive the business’ rapid growth. In the likely event that the initial target of £1m is reached, PALLITE will accept overfunding to drive further growth. It 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 claims that its products are up to 83% lighter than traditional pallets so can 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.
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.”
PALLITE products are designed and manufactured in the UK at their facility in Wellingborough.
Photo: Sales Director David Rose demonstrates the PALLITE products