Investment firm Pronghorn is making good on their promise to amplify Black-owned businesses as evidenced by their latest announcement.
In a news release, they highlighted their investment in three Black-owned spirits companies – Tequila with Friends, Den of Thieves and Ego Tequila.
“We couldn’t be more thrilled to add these leaders and their brands to the Pronghorn family,” said Pronghorn Portfolio Director Connor McKenna. “They are exactly the kind of visionary entrepreneurs we look for, individuals who will lead the way as together we build a more diverse and equitable spirits industry.”
The firm’s proprietary data revealed that despite Black Americans making up 12% of alcohol consumers across categories, they make up just 7.8% of the sector’s labor force and 2% of executives in the industry.
The company also pointed out there have been no acquisitions of Black-owned spirits brands. In under a year, Pronghorn has already made invested in four brands, of which includes Ten To One Rum, founded by Marc Farrell and co-owned by GRAMMY-winning artist, Ciara.
“Pronghorn’s team are spirits industry game-changers,” said Ciara, who is a co-Owner of Ten To One. “It’s rewarding to see these creative minds rally around a brand and a mission that I am so passionate about and enable a path to excellence that uplifts and supports Black entrepreneurs.
“Continuously challenging expectations has been core to our brand’s DNA from day one, and proven to be a major ingredient in preserving on a path to success – even against the backdrop of a global pandemic,” said Marc Farrell, Ten To One in a news release. “There remains an enormous opportunity to change the way people taste, experience and talk about rum, and with the incredible support of the Pronghorn team, we will not only be able to expand our footprint to other major metropolitan hubs, but also introduce consumers to new occasions for which rum should be considered the spirit of choice.”
The company aims to generate $2.4 billion in economic value for the Black community by 2032.