Pronghorn continues to aggressively build out its portfolio of Black-owned spirit brands with the addition of three new companies: New England Sweetwater Farm & Distillery, Acquired Taste Cognac, and Rally Gin. Terms of the deals were not disclosed.
The new entrants takes the group to over 20 investments since launching in 2022 with the goal of investing in 57 Black-owned companies by 2032. It also comes on the heels of its $200 million raise announcement in June.
This latest investment round also highlights the company’s efforts to amplify the voices of Black women in a traditionally male-dominated industry. Pronghorn now supports nine women-led brands, comprising 36% of its total portfolio.
“More and more women are creating brands that speak to what we are looking for in spirits, and Pronghorn is committed to supporting their innovation and leadership in the industry,” said Conley Fitzpatrick, head of trade marketing for Pronghorn.
The portfolio additions join other female founders who have broken new ground in spirits: The founders of Anteel Tequila and Ego Tequila are among the few Black women to own tequila companies. Delta Dirt is Arkansas’ first Black-owned distillery and America’s only Black-owned farm distillery. Others include Abisola Whiskey, Red Hazel Whiskey and Rye, TCapri Tequila.
Joining them now is Rally Gin, a concept from Decoy Beverage Co., a Missouri-based venture that launched in 2020. Conceptualized over Zoom happy hours childhood friends Desmond Carr, Tim McCoy, and Alysha Daicy, the vapor-distilled gin is made by the scientists-turned-distillers at New Alchemy distillery, and is distributed in California and Missouri.
Elsewhere in New Hampshire, New England Sweetwater Farm & Distillery is a family-owned business led by sisters Alisa Lawrence and Nilaja Young who produce an array of small batch spirits from local ingredients.
Acquired Taste Cognac is a boutique brand within first-generation family-owned spirits company Mingo Imports LLC based out of New York. Founded in 2020, the brand gained distribution in California and Florida last year, and is part of the small wave of new entrants into a traditional spirit dominated by major Cognac houses.
The announcement culminates a busy year for the company: 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.