June 30th 2023.
Pronghorn, a company working to cultivate and support the next generation of Black entrepreneurs and executives in the spirits industry, recently made a major announcement. They revealed a 10-year, $200 million initiative with the release of their Impact Report.
Since Pronghorn's inception in 2022, they have invested in 19 spirit brands to help increase the number of Black owners in the spirits industry. According to the Impact Report, Black Americans represent 12% of all spirits consumers, but only 7% of the spirits labor force and just 2% of the executive level. Pronghorn's investments have so far included Ten to One Caribbean Rum, Anteel Tequila, IslandJon Vodka, and Greenwood Whiskey.
Duke & Dame and Uncle Nearest whiskey brands have also become popular Black-owned spirit brands. Pronghorn's 10-year, $200 million investment is a step towards their goal to produce $2.4 billion of industry economic value, driven by employment for the Black community, by 2032.
In addition to their investments, Pronghorn has started several initiatives to help further establish Black men and women in the spirits industry, such as their HBCU Innovation Lab and the Pronghorn Spirits Academy. Dia Simms, Pronghorn co-founder and board chair, spoke about the investment in a statement:
"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. 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."
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