Update: Pallite to Close Crowdcube Round With More Than £1.2 Million in Funding

PALLITE, a UK-based designer and manufacturer of pallets and shipping crates, is set to close its equity crowdfunding campaign on Crowdcube with more than £1.2 million in funding. The campaign made its debut last month, originally seeking £1 million. It has attracted nearly 780 investors. The company is offering 12.57% in equity at an £8,501,604 pre-money valuation.

As previously reported, PALLITE claims its products reduce raw material use and carbon emissions to help businesses reduce their impact on the environment.

“PALLITE pallets and pallet boxes are up to 83% lighter than traditional wooden and plastic alternatives – which can weigh over 60kg – and this reduces emissions in transit. If 30,000 pallets were air freighted from the UK to New York using PALLITE rather than wooden pallets you’d reduce CO2 emissions by 4,612 tonnes.”

PALLITE also reported that more than 80% of its product is made from recycled paper and all products are 100% recyclable at the end of their life, unlike traditional wooden and plastic pallets.

“And, because they use far less material, replacing every new pallet made in the UK in 2016 could have saved up to 600,000 trees. This is in the context of the UK Government’s recent commitment to plant just 130,000 trees for £10 million.”

Funds from the campaign will be used to continue the growth and expansion of PALLITE’s products. The campaign is set to close later today.

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