Pronghorn, a company with a mission to cultivate the next generation of Black entrepreneurs and executives in the spirits industry, said it has received a commitment of $200 million to support the company's mission over the next 10 years.
Since its founding in 2022, Pronghorn has invested in 19 brands. Backed by anchor investor and global beverage leader Diageo North America, the investments into the spirits industry will fuel Pronghorn's overarching ten-year plan to invest in 57 Black-owned spirits brands, driving ownership and equity in an industry with only one acquisition of a Black-owned spirits brand to date.
According to Pronghorn's data, the spirits industry does not accurately reflect the consumers it serves, with Black Americans representing 12% of all consumers, but only ~7% of the spirits labor force and just 2% at the executive level. In its first year Pronghorn was able to identify 258 Black-owned spirits companies, support the businesses of 40 individual Black founders, and invest in 19portfolio brands, which include Ten to One Caribbean Rum, in which Grammy-award winning singer Ciara is a partner, Anteel Tequila, IslandJon Vodka, Greenwood Whiskey, and more.