Bold Kiwi colour company poised to paint the world
Bold Kiwi colour company poised to paint the world with fastest capital raising in recent times
· Capital raising round closes in just ten days with backing from Arc Angels member and past investors
· Global opportunities present as leaders in paint world take notice
· Female-led company gets ready to manufacture locally
drikolor® Founding Director, Rachel Lacy, wants to change the way the world colours paint, and she’s well on the way with the company recently completing one of the fastest investment rounds in recent times.
In just 18 months drikolor® has transformed from a start-up with a disruptive technology, to one that has 10 employees, global partners, and a New Zealand-based commercial manufacturing facility readying to open.
The innovative process proprietary to drikolor® delivers colour in a dry, granulated form that can be stirred into paint. Rachel Lacy says it’s as simple as stirring sugar into coffee.
“By simply changing the form of a product you can completely change the way you can sell it, who you sell it to, and how it’s distributed. It’s a world first that lets new retailers get into the paint business, but best of all, anyone can use it.”
Global partners already secured include Les Couleurs Suisse AG, through which drikolor® has the exclusive New Zealand and Australian rights to sell colours from the Les Corbusier Colour Range, recognized worldwide by architects as the pinnacle in colour design.
The company also attracted the attention of Sto, a billion-euro turnover premium paint company, and will be selling Stopaints throughout Australasia.
“Paint companies understand drikolor’s® potential. The current system of using liquid colourants and a tinting wheel is complex, noisy, messy and unreliable. It also requires capital expenditure, trained staff and large retail space with customers experiencing lengthy waiting times for inevitable mistints. Our solution eliminates these problems, while enabling new channels to enter the decorative paint market,which is worth US$50billion globally.”
latest capital raising has accelerated the company’s
growth to help achieve these milestones.
It was backed by past investors who reinvested and a member of Arc Angels, a new New Zealand angel investment organisation that mobilises investment in female-managed business.
Rachel Lacy says drikolor® looked to raise $750,000 in this latest round and understands it to be one of the fastest capital raisings in recent times.
“We were thrilled when we closed the round after ten days, at 133% over subscribed. Arc Angels has a fantastic network of investors and we obviously hit the right note with them.”
Arc Angels Executive Director, Alex Mercer, said part of drikolor’s® appeal is because it is managed and designed by a woman who has tremendous experience in the paint industry.
“The fact that drikolor a new product with few competitors, and are manufacturing locally with enormous potential offshore, all help make it a compelling business to invest in.”
drikolor® is using the latest investment to fast-track its manufacturing plans in New Zealand in record time, and lock in valuable patents.
Managing Director Craig Reid and Rachel Lacy recently returned from the UK, USA and Asia where they met with leaders in the global paint industry. Rachel Lacy says these senior executives were united in their feedback.
“All had interest in drikolor® as we appear to be the only company in the world with this type of technology right now. Through it we are able to control the supply chain from raw material to the end customer.
Interest in drikolor’s® technology from local paint and concrete industries is strong. It allows the ability to change the form in which colour comes, from liquid to dry pigment, creating endless possibilities for a range of industries. The ability to buy colour separately from a base paint, distribute it directly online, or collaborate with high profile interior or fashion designer to develop a colour palette unique to them are just some of the uses for this proprietary technology.
Rachel Lacy says the accelerated growth helped by the recent funding round means drikolor® is well on track to reach its goals.
“We are a Kiwi technology company that’s commercialising very quickly. We’re aiming to be in a range of stores in New Zealand and Australia by Septemberthis year. While we’re focused on achieving our business goals, at the heart of our company we are a collaboration of experts who simply want to change the way the world colours paint.”