- Paladin Power has opened a new round on Wefunder at a valuation of $67M, up ~248% from its previous crowdfunding round of $19.25M.
- Paladin Power was founded in May 2022 and raised $5M in crowdfunding that same year.
- According to the company, that raise was to “achieve product-market fit” and “prove there was sufficient demand for our technology in order to justify the required CapEx to build out manufacturing capacity.”
- At the end of 2022, the company had $240M in potential pipeline, had collected $200k in deposits against future deliverables, and signed multiple manufacturing agreements.
- Having officially launched the product in 2023, the company has recorded $1.3M in lifetime sales.
- However, the company does not mention what happened to this $240M in potential revenue that it discussed in its June 2023 Shareholder Update.
- The company is averaging a monthly revenue of $206,690, giving the company a 2024 run rate of ~$2.5M (not guaranteed of course, but just a rough estimate).
- The company also signed a Manufacturing Service Agreement with JABIL, a top-two global manufacturer, which will help continue to build out Paladin’s manufacturing capabilities.
- Paladin also began working with a national distributor, CED Greentech, in Q1 2024, which could continue to push the company’s revenue even higher.
- The company signed an LOI with Powerfund to “purchase $30M in product for end users”. However, this agreement does not appear to be binding.
