Palette raises $1 million

Money will be used by Melbourne design startup to expand retail strategy

Melbourne design startup SwatchMate has rebranded as Palette and raised $1 million.

The funds will be used for the expansion of Palette’s retail strategy and international corporate partnerships, as well as funding the company’s working capital and staff resource needs.

The startup has stockists in the United States, United Kingdom and Sweden.

A Palette spokperson said it chose to rebrand because it had outgrown the name SwatchMate.

"Palette is a better reflection of what we do - making creative tools for creative people. We also think it gives us more flexibility for future plans and developments."

Palette co-founder Djordje Dikic said the funding round gives it the capital required to meet the rapidly growing consumer interest in its products.

Last year the startup raised $150,000 on crowdfunding platforms Kickstarter and Indiegogo to fund the company’s first product, a portable colour digitiser called Cube.

Follow Hamish Barwick on Twitter: @HamishBarwick

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