September 18th 2023.
R&B singer-songwriter Ciara recently joined the Black-owned spirits brand Ten To One Rum as an investor, co-owner, and director. The brand, founded by Marc Farrell in 2019, aimed to create an “elevated but not exclusive” brand rooted in Caribbean culture and heritage.
Recently, Ten To One accepted a $1 million investment from InvestBev Group, a Chicago-based private equity firm. According to Brian Rosen, the founder of InvestBev Group, “Marc and his team have built an incredible brand for what we feel is the next hot category...Data shows that rum is gaining share monthly, and we are excited to support Ten To One in their growth journey.”
The investment was made to elevate the brand’s presence in new markets and in the ultra-premium Caribbean rum sector. According to IWSR Drinks Market Analysis data cited by Pronghorn last year, super-premium-plus rum brands are expected to have a compound annual growth rate of 12.6% from 2021 to 2026, which is two times faster than the total spirits industry over the next five years.
Marc Farrell was thrilled to welcome Brian and the InvestBev team to the Ten To One family. He said that Ten To One has always sought great investors who align with the brand’s aspirations and have the ability to “directly impact those ambitions to build something iconic” with the brand.
Ten To One received another boost in August 2022 when they secured a capital investment from Pronghorn. Pronghorn’s goal is to cultivate the next generation of Black entrepreneurs, executive leaders, and founders within the spirits industry. Ten To One is the first of Pronghorn’s 57 investments in Black-owned brands that will be made over the next 10 years. With these investments, Ten To One is on its way to becoming a premium market leader within the rum category.
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