Palats has successfully closed its seed funding round, raising 13 MSEK. The focus is now set on accelerating growth and advancing the mission to make the reuse of office furniture and building materials as appealing as purchasing new items.
Palats has earned the trust of several of the largest real estate companies and architectural firms in Sweden. Hundreds of thousands of items have already been digitized on the platform. The app has quickly become the leading solution for inventory and management of furniture and materials in the Swedish market. With its user-friendly design and AI integration, the platform ensures efficiency and simplicity for users.-1.jpeg?width=479&height=593&name=168A0706%20(1)-1.jpeg)
This new investment marks the beginning of the next chapter. The goal is to further scale the product both in Sweden and internationally. Additionally, Palats plans to expand its platform from facilitating internal reuse during office relocations or property renovations, to allowing reused items to also change ownership.
"A challenge we face today is that many existing items that can't be reused internally end up being wasted. Digitizing these items on Palats to enable ownership transfer between organizations is a crucial step to further promote reuse," says CEO Henrik Olausson.
The financing round was led by Stockholm-based AGV Invest, specialists in proptech startups. Previous investors Chalmers Ventures and Länsförsäkringar Göteborg and Bohuslän also participated in the investment.
The capital influx also ensures the continued growth of the Palats team. Since last March, the company has grown from three to ten members. To continue developing more efficient reuse solutions, Palats will soon be expanding its team with additional expertise.
"We're looking for another talented system developer and a UI designer who can help us meet Palats's high ambitions. It's essential for us to build a strong team of individuals passionate about solving a significant yet often overlooked problem," Olausson states.
Palats is already gearing up for a release beyond Sweden's borders. The first international clients have been secured. The Palats platform will become available to English-speaking organizations by the end of the month, and the founding team is currently in Palo Alto, taking the initial steps towards entering the US market.
"We are incredibly pleased to have successfully completed our seed round and secured a 13 MSEK investment with investors who share our vision for the company. This investment will play a pivotal role in driving our expansion plans forward and accelerating our platform's development. We're proud to have built a popular solution for enabling large-scale reuse and are looking forward to offering our technology to a global audience."
Contacts
Ellen Gellerbrant Henrik Olausson
PRESS CONTACT CEO
ellen@palats.io henrik@palats.io
+ 46 760 22 36 45