Pallet Raises $15 Million to Scale Rapid-Response Shelter Villages to Address Homelessness Crisis
EVERETT, WA, USA, March 15, 2022 /EINPresswire.com/ -- Pallet, a social purpose corporation, today announced it has received $15 million in funding to help scale its impact in helping communities across the U.S. address the homelessness crisis.
The round was led by the impact investment firms DBL Partners and Citi via the Citi Impact Fund, with participation from six total firms. Pallet has also received impact investment funding since its launch in 2016.
Pallet builds innovative shelter villages to rapidly address the needs of people experiencing homelessness. On-site resources—including case management, meals, and more—support residents on their way to permanent housing. Each cabin can be erected in 30 minutes and contains features such as beds, windows, storage, a locking door, and more with a typical village of roughly 50 units being built in a day.
“As a social purpose corporation, profit is not our first priority,” said Amy King, CEO of Pallet SPC. “We exist because communities cannot quickly build enough affordable, permanent housing to meet the needs of their residents. This investment will ultimately help those cities and towns address the unsheltered homelessness crisis with the speed and scale it requires.”
More than 60 communities in 11 states have deployed Pallet shelters.
Pallet cabins—whose design was informed by people who have experienced homelessness—offer the dignity and safety of individual, lockable units, which allow partners and pets to stay together with space to store and use personal possessions. Every resident who moves in has immediate access to meals, hygiene facilities, and around-the-clock case management in collaboration with local service providers.
Pallet villages operate as part of a constellation of services, including employment outreach, counseling, healthcare, affordable housing navigation, and more to help people transition to stable living situations.
“From the beginning, one of DBL’s commitments has been to back companies that create positive impact in communities through the innovative solutions they provide and the jobs they create,” said Cynthia Ringo, DBL Partners senior partner and newly appointed director to Pallet’s board. “Pallet sets the bar for taking a community-first approach to tackling what’s often written off as an intractable challenge. Security, dignity, and a supportive setting are essential building blocks for unhoused people to transform their lives. Pallet understands where previous approaches have fallen short and is informed by deep respect for lived experience with homelessness – including that of both village residents and employees.”
The investment from this series A round will be critical in helping Pallet to improve even more lives, King said. That includes the lives of those transitioning away from sleeping on streets, in tents, or in cars.
It also includes employees who make their living manufacturing Pallet shelters. Since its founding, Pallet has prioritized second-chance hires: people who have experienced homelessness, incarceration or substance use disorder themselves. The company’s workplace environment supports learning and building a community that cares for and supports each other’s personal and professional growth.
“Businesses are vital members of their communities,” King said. “We have a role in solving the challenges we all face, together. Funding rounds like this one are proof that investors and others are ready to back more businesses stepping into that role.”
About Pallet
Pallet is the leader in rapid response shelter villages. The Everett, Wash.-based company is addressing the homeless crisis with speed, at scale. Pallet shelter villages provide the dignity and security of private units within a community. A resource net of on-site social services, as well as food, showers, laundry, and more helps people transition to permanent housing. Pallet is a fast-growing company, with shelter villages in one of every five states in the U.S., and over 3,000 beds and counting.
The round was led by the impact investment firms DBL Partners and Citi via the Citi Impact Fund, with participation from six total firms. Pallet has also received impact investment funding since its launch in 2016.
Pallet builds innovative shelter villages to rapidly address the needs of people experiencing homelessness. On-site resources—including case management, meals, and more—support residents on their way to permanent housing. Each cabin can be erected in 30 minutes and contains features such as beds, windows, storage, a locking door, and more with a typical village of roughly 50 units being built in a day.
“As a social purpose corporation, profit is not our first priority,” said Amy King, CEO of Pallet SPC. “We exist because communities cannot quickly build enough affordable, permanent housing to meet the needs of their residents. This investment will ultimately help those cities and towns address the unsheltered homelessness crisis with the speed and scale it requires.”
More than 60 communities in 11 states have deployed Pallet shelters.
Pallet cabins—whose design was informed by people who have experienced homelessness—offer the dignity and safety of individual, lockable units, which allow partners and pets to stay together with space to store and use personal possessions. Every resident who moves in has immediate access to meals, hygiene facilities, and around-the-clock case management in collaboration with local service providers.
Pallet villages operate as part of a constellation of services, including employment outreach, counseling, healthcare, affordable housing navigation, and more to help people transition to stable living situations.
“From the beginning, one of DBL’s commitments has been to back companies that create positive impact in communities through the innovative solutions they provide and the jobs they create,” said Cynthia Ringo, DBL Partners senior partner and newly appointed director to Pallet’s board. “Pallet sets the bar for taking a community-first approach to tackling what’s often written off as an intractable challenge. Security, dignity, and a supportive setting are essential building blocks for unhoused people to transform their lives. Pallet understands where previous approaches have fallen short and is informed by deep respect for lived experience with homelessness – including that of both village residents and employees.”
The investment from this series A round will be critical in helping Pallet to improve even more lives, King said. That includes the lives of those transitioning away from sleeping on streets, in tents, or in cars.
It also includes employees who make their living manufacturing Pallet shelters. Since its founding, Pallet has prioritized second-chance hires: people who have experienced homelessness, incarceration or substance use disorder themselves. The company’s workplace environment supports learning and building a community that cares for and supports each other’s personal and professional growth.
“Businesses are vital members of their communities,” King said. “We have a role in solving the challenges we all face, together. Funding rounds like this one are proof that investors and others are ready to back more businesses stepping into that role.”
About Pallet
Pallet is the leader in rapid response shelter villages. The Everett, Wash.-based company is addressing the homeless crisis with speed, at scale. Pallet shelter villages provide the dignity and security of private units within a community. A resource net of on-site social services, as well as food, showers, laundry, and more helps people transition to permanent housing. Pallet is a fast-growing company, with shelter villages in one of every five states in the U.S., and over 3,000 beds and counting.
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