Just a little over a year after securing nearly £1.2 million through its previous Crowdcube campaign, UK-based environmentally-friendly product designer and manufacturer PALLITE has returned to the equity crowdfunding platform and has quickly raised its initial £1 million funding target. The company notably raised £833,299 prior to launching its latest campaign.
As previously reported, PALLITE claims its products reduce raw material user and carbon emissions in order to help businesses reduce their impact on the environment.
“We believe that looking after our planet has never been more important. PALLITE® products are made from 100% recyclable paper honeycomb board which contains over 75% recycled content.“
PALLITE also shared it has made some big improvements since we were last on Crowdcube. It has refocused its sales efforts, increased its research, and improved its production efficiency. Margins have increased and the company now has it sights set on international growth in U.S. and Europe.
PALLITE further revealed that since the COVID-19 pandemic lockdown began earlier this year, it has launched a range of pop-up desks for working from home.
“We set up an online shop within two weeks, have sold to the likes of GymShark and The Open University, and are now listed by Ryman, Staples, and B&Q. We’re about to launch EcoLITE by PALLITE – a range of recycled, protective, and insulative packaging to replace polystyrene and foam, with other innovations in the pipeline.”
Funds from the latest Crowdcube round will be used to continue the development of the company’s products. PALLITE is now offering 8.04% in equity at a £11,900,000 pre-money valuation. The campaign is set to close at the end of November.
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