Pronghorn has confirmed investments in four more beverage alcohol start-ups in the US, bringing the number of Black-owned businesses to receive support in its first year of operations to 13.
The Atlanta-based entity, which has had Diageo as its “anchor investor” since 2021, will back the unspecified sums with consulting services and “industry expert mentorship”. The latest round of companies to benefit comprises Greenwood Whiskey, Red Hazel Whiskey, TCapri Tequila and IslandJon Vodka.
“Pronghorn continues to disrupt the fundamental relationship between venture capital and Black entrepreneurs,” said CEO Jomaree Pinkard, who came on board in January when the business accelerator bought into his Hella Cocktail Co mixers company. “This cohort … is an exciting next chapter in our mission, and all share the type of dynamic brand and product narrative essential to succeed in today’s crowded marketplace.”
According to Pronghorn, its target of investing in 57 Black-owned and -led spirits brands over the next ten years remains on track.
The programme was co-founded by spirits industry veterans Dia Simms, Erin Harris, and Dan Sanborn. Debra Crew, who was Diageo’s North America president when the group signed up with Pronghorn 22 months ago, was confirmed today as the company’s next CEO from 1 July.
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