A new generation of Black will receive the support they deserve.
Pronghorn, an investment firm that has deployed capital to 19 spirit-based brands, has upped the ante with a new commitment to invest $200M in Black businesses.
“Since inception, our mission has been crystal clear in creating a template to diversify any industry and in doing so help be a force in supporting new founders, bold executives and the businesses of Black entrepreneurs within the spirits industry,” said Dia Simms, Pronghorn Co-Founder and Board Chair in a statement. “We couldn’t be more proud of the Pronghorn team’s pace of progress towards our goal within just one year of launch. So much hard work remains, but this investment is significant and the purpose is powerful.”
The company recently released an impact report tracking the strides they’ve made toward honoring the DEI commitments they’d made, and found that despite their progress, the spirits industry does not accurately reflect the consumers it serves, with Black Americans representing 12% of all consumers, but only ~7% of the spirits labor force and just 2% at the executive level.
Pronghorn says they’re committed to leveling the playing field. This year alone they’d invested in 19 Black-owned spirits companies.
“We couldn’t be more thrilled to add these leaders and their brands to the Pronghorn family,” said Pronghorn Portfolio Director Connor McKenna. “They are exactly the kind of visionary entrepreneurs we look for, individuals who will lead the way as together we build a more diverse and equitable spirits industry.”