Chicago-based InvestBev Group has invested US$1 million into Ten To One rum, co-founded by singer Ciara, to help the brand expand into new markets.
InvestBev Group, a division of Growth Beverage, and one of the largest private equity firms in the alcohol beverage sector, has made a significant investment into musician Ciara’s rum brand.
The 1, 2 Step singer is an investor, co-owner and director of ultra-premium rum Ten to One, which launched in 2019.
The R&B singer-songwriter joined the rum company in October 2021, saying: “There’s a lot of range where rum can flex in.”
According to a statement made by the brand, the new investment will help ‘propel’ Ten to One to ‘new heights’ within the ultra-premium Caribbean rum category by introducing it to new markets.
“Data shows that rum is gaining share monthly, and we are excited to support Ten To One in their growth journey,” said Brian Rosen, founder of InvestBev Group.
The Chicago-based private equity firm will join forces with Pronghorn, a start-up backed by Diageo North America, which has selected Ten to One as the first of 57 investments it will make in Black-owned Spirits.
Ten To One was founded by former Starbucks senior vice-president, Marc Farrell.
“We’ve always sought to identify great investors who not only have resonance with our aspirations for Ten To One, but also have the ability to directly impact those ambitions to build something iconic with the brand,” Farrell said.
Investbev is a multi-million dollar growth fund in the adult beverage space, which focuses on purchasing raw distillate and holding for large distillers, as well as providing strategic capital to invest in “exceptional teams and brands” by actively partnering to create shared value and accelerate growth.
It also operates within the beverage technology and e-commerce delivery systems space.
Source : TheDrinksBusiness