Drikolor, the Kiwi paint company formerly known as D'Arcy Polychrome, has secured a second round of investment at around three quarters of a million dollars.
Its target for the recent capital raise was $750,000, with the round closed after 10 days with an oversubscription of 133 percent. Last July the company beat a $700,000 target by $100,000.
The raise was backed by past investors and a member of Arc Angels, Drikolor says. Past investors include Pacific Channel, the New Zealand Venture Investment Fund, ICE Angels and Angel HQ.
Paint runs in founder Rachel Lacy's family. She set up D'Arcy Polychrome in 2011 with help from her mother, Prue Cook, who set up Aalto Colour more than 20 years ago.
Aalto had seven shops in Australia and New Zealand before being sold in 2011. Drikolor now has 10 staff, global partners and a New Zealand-based commercial manufacturing facility readying to open.
The company provides colours as dry granules to stir into paint. Global partners include Les Couleurs Suisse AG, through which Drikolor has the New Zealand and Australian rights to sell colours from the Les Corbusier colour range.
Drikolor will also be selling Stopaints in Australasia. “We are a Kiwi technology company that’s commercialising very quickly," says Lacy.
"We’re aiming to be in a range of stores in New Zealand and Australia by September this year." Last year the company was named one of three champions in the inaugural StartmeupHK Venture Programme in Hong Kong.