Investment firm Pronghorn marked its one-year anniversary by announcing that it had raised $200 million to support its mission to cultivate the next generation of Black entrepreneurs and executives in the spirits industry.

Backed by anchor investor Diageo North America, Pronghorn was co-founded by CEO of Lobos 1707 Dia Simms, Erin Harris, and Dan Sanborn. The firm’s target is to create $2.4 billion in economic value for the Black community by investing in 57 Black-owned spirits brands by 2032.

Today’s announcement coincides with the release of the company’s 2022-2023 Impact Report which, among other achievements, highlights the disparities in the spirits industry, revealing that Black Americans represent 12% of all consumers but only about 7% of the spirits labor force and 2% at the executive level.

In its inaugural year, Pronghorn made an ambitious effort to change those statistics: the company identified 258 Black-owned spirits companies, supported the businesses of 40 Black founders, and invested in a portfolio of 19 brands. These include brands such as Ten to One Caribbean Rum, Anteel Tequila, IslandJon Vodka, and Greenwood Whiskey. Its portfolio is home to a mix of spirits, dominated by tequila and whisky, and a range of companies in various different growth stages. Pronghorn’s portfolio brands experienced substantial overall growth, averaging 101% according to Nielsen IQ in the last 52 weeks ending May 13.

Many of those brands are also breaking new ground: 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.

“We couldn’t be more proud of the Pronghorn team’s pace of progress towards our goal within just one year of launch,” said Dia Simms, Pronghorn co-founder and board chair. “So much hard work remains, but this investment is significant and the purpose is powerful.”

To kick off 2023, the company announced an investment in cocktail mixer and beverage brand Hella Cocktail Co that also brought on the company’s co-founder, Jomaree Pinkard, as Pronghorn’s new CEO and managing director.

Aiming to promote diversity and inclusion within the industry, Pronghorn has initiated several other programs, such as the business design and innovation competition Pronghorn HBCU Spirited Innovation Lab, an internship program, and the Pronghorn Spirits Academy in partnership with InRoads aimed at engaging Black students in the spirits industry. The firm is also focused on mentorship and has pledged to place Black employees within 1,800 industry roles, achieving 5% of this goal in its first year.

Pronghorn also partnered with the Distilled Spirits Council of the United States (DISCUS) and its DEI Member Committee, which includes spirit companies committed to hiring 949 roles by 2032. The partnership with DISCUS also led to the inauguration of the DEI Summit at the organization’s annual conference, a day dedicated to educating spirits industry professionals about DEI practices.

Part of the firm’s mission is to set up a framework that can work as a template for diversifying any industry, but Pronghorn is starting with Black Americans and the spirits industry. 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.