Diageo-backed incubator Pronghorn, an initiative dedicated to expanding diversity within the alcohol industry, has announced its capital investment in Hella Cocktail Co.
The capital will provide access to Pronghorn’s programme – including consulting services from Pronghorn’s team of industry experts – to accelerate the brand’s growth.
Tobin Ludwig, Hella Cocktail Co’s co-founder, said: “We are excited at the overwhelming support Pronghorn has extended to the Hella Cocktail family. The investment in our shared vision at Hella is a true testament to Pronghorn’s mission to elevate brands across the category and create real industry change.”
The investment will also see Hella’s co-founder, Jomaree Pinkard, transition from a decade-long role serving as Hella’s CEO, to chairman of the cocktail company, while being appointed as Pronghorn’s new CEO and managing director.
Pinkard will oversee the continuation of Pronghorn’s capital investments. In a statement, the incubator said that the appointment will “help accelerate [Pronghorn’s] pipeline development of talent from the Black community to fill 1,800 roles committed to by suppliers, distributors, and retailers in the industry over the next ten years, generating $2.4 billion in economic value for the Black community”.
Pronghorn was launched in 2021, when Diageo joined Dia Simms and Erin Harris as a founding partner of the initiative, supported by a significant anchor investment by the drinks giant.
© FoodBev Media Ltd 2022
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