Press Release – D’Arcy Polychrome
Kiwi colour company D’Arcy Polychrome’s first capital-raising has closed oversubscribed at $700,000. $100,000 more than target. Fledgling Kiwi Colour Company In The Black And Going For Gold
Kiwi colour company D’Arcy Polychrome’s first capital-raising has closed oversubscribed at $700,000. $100,000 more than target.
The Auckland-based startup has developed a revolutionary way to encapsulate colour formulations. The concept is proving to be an early hit with international designers, architects and paint companies. They see the opportunity to preserve and package their own exclusive colour ranges in an easy, consistent and cost effective way so they can then be sold anywhere in the world.
Rachel Lacy, founder and director of D’Arcy Polychrome says that she’s thrilled but not surprised her fledgling company’s first capital raising closed oversubscribed.
“People have this eureka moment when they see what the product can do. It’s the simplicity of it – the fact of just changing the form of a product, you can completely change the way you sell it, who can sell it and how it can be distributed.”
The $700,000 is already being put to good use: D’Arcy Polychrome now has its own dedicated laboratory and pilot plant in Parnell. Samples of key colours have been produced; the company is in the process of negotiating distribution and marketing agreements; and a large international paint company has expressed a serious interest in the technology. D’Arcy Polychrome is already talking to a number of designers about producing bespoke colour ranges, and is in the process of producing the much sought after colour palette developed by the famous Swiss architect and designer, Le Corbusier, for the European company that owns the rights. D’Arcy Polychrome’s technology will allow the original, natural coloured clays used by Le Corbusier, to be available to a global market.
Investors in D’Arcy Polychrome include the science and technology investment firm, Pacific Channel which also managed the fund raising; the government’s own New Zealand Investment Fund and two of the country’s leading angel (early stage) investment groups – the Auckland based ICE Angels and Wellington based ANGELHQ.
Brent Ogilvie, director of Pacific Channel, says he was impressed with Lacy and D’Arcy Polychrome from the beginning. “It’s great technology, developed by people with a long term passion for colour. Nothing has changed in the paint industry for years, but Lacy and her team not only have the science of colour down to a fine art; they also have the connections and knowledge to grow this business into an international success story.”
D’Arcy Polychrome has also appointed two new directors: Chairman Paul Smart, former founding executive and Chief Financial Officer of Sky Network Television and Meridian Energy and Debra Hall, a professional director, chairman of the New Zealand Marketing Association and the former co-founder of Research Solutions, which she grew from startup to one of New Zealand’s leading market research agencies.
D’Arcy Polychrome was established in 2011 by Rachel Lacy. Lacy has more than twenty years experience in managing projects all over the world and has been involved in the paint industry for many years. D’Arcy Polychrome was set up with the help and interest of Lacy’s mother, Prue Cook, who established Aalto Colour more than twenty years ago in her garage when she couldn’t find the right colour for her house – a house designed by Lacy’s father, Auckland architect, Marshall Cook. Aalto Colour grew to seven shops in New Zealand and Australia and orders throughout the world.
The company was sold at the end of 2011.