African spirits group Spearhead Spirits has received an undisclosed multi-million-dollar investment from Diageo-backed fund Pronghorn.
The group said the investment ‘will power the company’s global growth and help Spearhead build on its stellar momentum in the United States’.
Spearhead Spirits was founded in 2021 by Chris Frederick and Damola Timeyin with the idea that ‘Africa deserves a place at the world’s bar’. Its portfolio includes Bayab Gin, Sango Agave, Vusa Vodka and Mansas Whisky.
Frederick said: “On the journey of building a spirits business, it is critical we find partners that can amplify our vision and supercharge our growth. In Pronghorn, we have found exactly that.
“We are proud to be joining a portfolio of incredible brands that are changing the face of the industry and excited to continue building the world’s leading platform for African spirits.”
In 2022, Spearhead Spirits raised US$3 million in funding from Pendulum, an investment and advisory platform.
Its spirits are distributed in more than 10 countries, including the US, Nigeria and South Africa.
Timeyin added: “In 2021, we began a mission to bring Africa to the world’s bar, one cocktail at a time. Pronghorn’s investment is further validation that African brands are the next frontier of innovation in the spirits industry and deserve to be enjoyed by everyone, no matter where in the world they may be drinking.
“We are extremely excited to be partnering with industry disruptors who not only share our vision but are also motivated by making meaningful change.”
Alongside the funding from Pronghorn, Spearhead is inviting the public to invest in the group through Wefunder. It has raised more than US$200,000 from 100 global investors on the crowdfunding platform.
Other businesses supported by Pronghorn include Doce Mezcal, Ten to One Rum and Shinju Spirits.
Earlier this year, we spoke to the incubator’s president, Ron Cole, about how diversity is closely tied to economic success.
Its co-founders also told us how they’re dedicated to cultivating the next generation of Black founders and executive leaders in the spirits industry.
Last month, Diageo pulled out of its accelerator programme Distill Ventures.
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Author: Lauren Bowes
