Distill Ventures, a Diageo-funded accelerator that provides funding and support for startup drink entrepreneurs, has added five brands to its pre-accelerator Spring cohort, the company announced today.
Starting in May, the startups will receive investment of up to $500,000 and nine to twelve months of custom acceleration support. The program will also provide entrepreneurs access to Distill Ventures’ wider network, and following graduation, brands are able to seek further funding from Diageo or other investment sources.
The new cohort leans agave-centric with CASA J, a female and Mexican-owned luxury tequila blanco; Pimentae, a London-based and female-founded tequila cocktail; and Idle Hands, a Black-owned flavored tequila headquartered in London. Lodestar, a pre-launch American Whiskey founded by cousins and entertainment industry veterans Anna Axster and Wendelin von Schroder, also made the cut. From Australia, female-owned Tanica is named for the botanical ingredients the team blends with lower alcohol to create flavored, low ABV spirits.
The pre-accelerator, launched in 2021, aims to open up capital opportunities and business advising for entrepreneurs from underrepresented communities that otherwise might face institutional challenges. In its first year, Distill Ventures invested almost $5 million in entrepreneurs from underrepresented communities. Since launching, the pre-accelerator has received over 400 applications and has supported brands including VERVET, Atōst, Vascano Tequila, Kromanti Rum and canned cocktail Lot42. The application window for the next cohort is open until June 30.
“We’ve learned a lot from our first 18 months of running the program, and moving to a cohort system illustrates DV acting on some of those learnings,” said Ara Carvallo, portfolio and inclusion and diversity director of Distill Ventures. “We believe it is the best method for us to offer bespoke, hands-on guidance, along with funding at all stages of growth, while ensuring that the founders lead their brands through the journey with the support of the other founders in our Spring cohort.”
Distilled Ventures has invested more than $269 million in 39 brands in beverage alcohol and beyond since it launched in 2013. Though the group has invested in traditional spirits (such as Danish whiskey label Stauning and German distillery Rheinland), it has also ventured into the non-alcoholic spirit space through brands like Seedlip and Ritual Zero Proof.
The pre-accelerator is among other efforts, like Pronghorn, that have sprung up in the past few years, aiming to cultivate a more diverse generation of beverage entrepreneurs. Other programs aiming to close the representation gap in spirits include Fawn Weaver’s Uncle Nearest Fund and The Entrepreneurial Spirit Fund by Sia Scotch Whiskey, which provide mentorship and investments to beverage entrepreneurs of diverse backgrounds.