PALLITE®, an award-winning international designer and manufacturer of sustainable, paper honeycomb board products from Northamptonshire, UK, has raised over £960,000 against their target of £800,000 in their first day on Crowdcube, resulting in them overfunding at 120% within just 24 hours.
PALLITE®’s consumer-led innovations are transforming traditional packaging and the logistics industries by helping them to move, protect, and store their goods. Made from over 75% recycled materials, their 100% recyclable products empower their customers to act sustainably while still achieving efficiency, productivity, and bottom-line cost improvements.
PALLITE® has seen turnover grow 60% a year on average for the last three years, and at the same time, the business has continued to innovate since their last fundraise in July 2019 where they successfully raised over £1 million. Following a strategic review in December 2019, the team changed tactics to refocus field sales efforts and improve production efficiencies. In March 2020, they hit a new sales record as a result.
Then, COVID hit. But the company didn’t rest on their laurels and simply try to ride out the storm. They launched a range of pop-up desks which sold over 5,000 units in the first 12 weeks of lockdown, as well as a range of distancing at work screens and partitions. In just 6 months, they generated over £250,000 worth of sales from the ranges that didn’t exist before. What’s more, PALLITE® has launched a joint venture with Madison Polymeric Engineering in the USA and is working with several agents throughout Europe to accelerate their expansion on a global scale.
From global news coverage by 154 new channels in June and the onboarding of new, well-recognised customers like Gymshark, Ryman and The Open University, to the formation of their consumer brand – The Paper Hive Company – and another record sales month in September 2020 under their belt, the business is going from strength to strength.
PALLITE® are now fundraising to allow them to continue to grow globally whilst launching further innovative and sustainable product lines.
To view PALLITE®’s pitch on Crowdcube or to invest in the business, please visit www.crowdcube.com/pallite