PALLITE, a UK-based designer and manufacturer of pallets and shipping crates, has secured over £620,000 funding in the first week of equity crowdfunding on Crowdcube. This represents 62% of the overall target of £1 million funding target. The company is currently offering 10.52% equity at an £8,501,604 pre-money valuation.
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.”
“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. Speaking about the successful first week of fundraising, Iain Hulmes, CEO of PALLITE, stated:
“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, Hulmes went on to add:
“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.”
The campaign is set to close at the end of July.
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