LS Cream, a liqueur inspired by Haitian drink known as cremas, has received an investment from Fearless Fund at a valuation of $10 million, the company announced today.
Co-founders Myriam Jean-Baptiste and Stevens Charles, both of Haitian descent, launched the liqueur brand in Canada in 2015 as a shelf-stable version of a family recipe. The cordial is made from a blend of fresh cream, neutral grain spirits, coconut, vanilla, cinnamon and nutmeg.
Shortly after the brand’s 2019 U.S. debut, it found distribution through Republic National Distributing Company, and has since quintupled its sales. The husband and wife team has also received investment from Kenny Burns, the lifestyle specialist who has helped launch Black-owned brands including Cîroc Vodka, DeLeón Tequila and Uncle Nearest.
As the couple was preparing to raise capital, Burns made the connection to the Fearless Fund, whose mission and vision aligned. Launched in 2019, the fund invests in businesses led by women of color that are seeking pre-seed, seed level, or series A financing.
“So often, Black women entrepreneurs receive VC funding at a disproportionately small rate,” said Jean-Baptiste. “The work of the Fearless Fund is extremely important in bridging the gap and will change the game for many BIPOC women entrepreneurs.”
“We are always looking for trailblazing women of color who are pushing the boundaries in their respective fields, and LS Cream is a perfect example of that,” said Arian Simone, co-founder of Fearless Fund in a statement.
The investment will allow the brand to continue to scale the business, increase its distribution footprint within the U.S., and “expand the market opportunity for culturally-driven brands within the wine and spirits industry,” according to Jean-Baptiste.
Available in 12 U.S. states, LS Cream has also made it to the shelves of major retailers such as Total Wine and BevMo! This year the couple plans to obtain additional distribution while adding retail locations in its current markets. Jean-Baptiste has her eyes on national distribution eventually, and is aiming to grow the brand’s footprint at restaurant chains. An expanded partnership with Hyatt Hotels has solidified the company’s aim to deeper target the hospitality industry as well.
Liqueurs and cordials saw a boost during the pandemic, fueled by at-home cocktailing and trends towards the nostalgic, dessert flavors that are also driving flavored whiskey sales. The category has long been dominated by major brands like Baileys Irish Cream and Kahlua, but recent entrants have made a splash— fast growing-coffee liqueur Mr. Black was acquired by Diageo last year.
As the couple builds their name in the liqueur category, the investment marks a significant milestone. The family bootstrapped the company, including selling their home to finance production and operations. Additional funding was secured through friends, family and angel investors.The size of the investment was not disclosed.