Color coded Kill Feed

I am trying to make a color coded kill feed, enemy player's names show up in red while friendly player's names show up in blue. Before doing the different colors I put both player's names and weapon used into a single string. Then I add those strings to a queue. This worked well but I don't think it could work now because I need to color each string a separate color. What would the best way to complete this task?

 

Unity's GUI system supports HTML. Take a look: http://docs.unity3d.com/Manual/StyledText.html

 

Thank you! That looks very promising and exactly what I need.

EDIT: This worked perfectly. Thanks!