Black-owned spirits business accelerator Pronghorn has bought into another company, inheriting a CEO as part of the deal.
The Diageo-backed business, which invests and supports Black entrepreneurs and founders in the US spirits category, has invested in mixers start-up Hella Cocktail Co. The spend, for an undisclosed sum, coincides with Hella co-founder Jomaree Pinkard transitioning to the CEO role at Pronghorn.
When contacted by Global Drinks Intel, a company spokesperson confirmed the CEO post is newly created.
The investment will be backed by “consulting services from Pronghorn’s team of industry experts to accelerate [Hella Cocktail Co’s] growth”. As well as a namesake line of both cocktail mixers and bitters, Hella also has a range of alcohol-free bitters & soda RTDs.
In November, Pronghorn announced similar transactions with Den of Thieves, Ego Tequila and Tequila with Friends. Co-founded in 2020 by Lobos 1707 Tequila & mezcal CEO Dia Simms, Wheelhouse Labs president – and 16-year Diageo employee – Dan Sanborn and Lobos 1707’s chief brand officer, Erin Harris, the company operates as a standalone entity.
Diageo’s North America unit came on board as its “anchor investor” in 2021.
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