Investment firm Pronghorn, an initiative focused on boosting Black entrepreneurship in spirits, announced yesterday new investments in three more spirit companies: Abisola Whiskey, Los Hermanos Tequila 1978, and Alexander James Whiskey. Terms of the deals were not disclosed.
The news marks the firm’s 20th investment, and comes on the heels of its $200 million raise announcement in June. The newest round of investments also highlights the company’s aim to bring top-growing categories into its portfolio, which is projected to include 57 Black-owned spirits brands in the next 10 years.
More than half of Pronghorn’s portfolio now sits within the two highest-growth categories in spirits, whiskey and tequila. This round includes female-owned Abisola Whiskey, launched in 2021 by Abisola Abidemi. The blend of bourbon whiskey and malt whiskey can be found in five states and distributed online.
Meanwhile, Chicago-based Alexander James Whiskey adds a straight bourbon to the growing whiskey portfolio. Baltimore-based Los Hermanos Tequila 1978, launched by brothers Donta and William Henson in 2020, has also added its blanco and reposado expressions to the group.
“In a short period of time, Pronghorn has continued to rapidly increase its portfolio of Black-owned spirits companies, accelerating our growth trajectory faster than we anticipated,” said Steve Brown, vice president of finance for Pronghorn. “The latest additions only further propel us to our goal of enhancing the next generation of Black entrepreneurs in the industry, while showcasing our continued commitment to investing in high-growth categories.”
Focused on cultivating the next generation of Black entrepreneurs, leaders and founders within the spirits industry, Pronghorn is also aiming to fill 1,800 industry roles within the next 10 years. Prior to today’s announcement, the firm has so far backed 19 other Black-owned companies since it launched last February such as Ten To One, Tequila with Friends, and Den of Thieves.
Many of those brands are also breaking new ground in spirits: Anteel Tequila founder Nayana Ferguson is the first Black woman to co-own a tequila brand, and the founder of Ego Tequila, another Pronghorn investment, is also one of the few Black women to own a tequila company. Another investment, Delta Dirt, is Arkansas’ first Black-owned distillery and America’s only Black-owned farm distillery.
The company has had a busy year so far: In addition to several investment rounds, to kick off 2023 Pronghorn invested in cocktail mixer and beverage brand Hella Cocktail Co and brought on the company’s co-founder, Jomaree Pinkard, as Pronghorn’s new CEO and managing director.
Pronghorn’s research has shown that while Black Americans represent 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.