The inaugural investment kicks off the company’s initiative to diversify into the spirits industry 2032 and generate 2.4 billion dollars in economic value.
ATLANTA, August 23, 2022 /PRNewswire/ — Pronghorn today announced its investment in the award-winning Ten To One Caribbean rum brand founded by CEO Marc Farrell and co-owned by GRAMMY-winning artist Ciara. Pronghorn will make a capital investment in the brand and provide access to its supercharging services, designed to help Ten To One scale its business. According to Pronghorn, less than 1% of US liquor brand purchases have been black-owned. To generate wealth and drive acquisitions, Pronghorn will serve as a hybrid incubator and accelerator, making capital investments in Black-owned brands while also providing capabilities that allow brands to leverage industry-leading insights and resources to realize their brand ambitions.
Grammy Award-winning artist and co-founder of Ten To One Caribbean Rum, Ciara joined CEO Marc Farrell and Pronghorn co-founders Dia Simms, Erin Harris and Dan Sanborn to celebrate the announcement of Pronghorn’s investment in the brand.
Ten to One founder Marc Farrell and partner Ciara celebrate their partnership with Pronghorn
“Pronghorn’s goal is to cultivate the next generation of black entrepreneurs, CEOs and founders within the spirits industry. We are excited to begin the first of 57 investments in black-owned spirits brands to be made during the next ten years with Ten with one rum”, he said Erin Harris, Co-Founder, Pronghorn. “Diverse representation in entrepreneurship will drive innovation, and Ten To One is a prime example of this through its continued reimagining of the rum category.”
Award-winning rum Ten To One Caribbean was founded in 2019 by the entrepreneur and former senior vice president of Starbucks. Marc Farrell. Through his creation, Farrell hopes to elevate the consumption experience Caribbean rum and highlights his versatility.
“Continuously challenging expectations has been at the core of our brand’s DNA since day one and has proven to be a key ingredient in keeping us on the road to success – even against the backdrop of a global pandemic,” it said. Marc Farrell, Founder, Ten To One. “There is a huge opportunity to change the way people taste, experience and talk about rum, and with the incredible support of the Pronghorn team, we will not only be able to expand our footprint into other major metropolitan centers , but we will also introduce consumers to new occasions for which rum should be considered the spirit of choice.”
In just a short period of time, Ten To One Caribbean rum has received critical acclaim from Food & Wine, Forbes and Zagat for pan-Caribbean blends as well as the brand’s role in shifting the rum category to a more elevated and authentic reflection of Caribbean culture. According to ISWR, the US market for Super Premium+ rum brands is projected to have a CAGR of 12.6% from 2021 to 2026 and grow 2x faster than the spirits industry over the next 5 years.
The name Ten To One comes from a quote by Dr. Eric Williams, Trinidad and Tobago’s The first prime minister when discussing the first Caribbean the 10-nation federation, who said “One in ten leaves zero” – conveying the idea that we are stronger together than apart.
“The Pronghorn team is a game changer for the spirits industry,” said Ciara, Co-Owner, Ten To One. “It’s rewarding to see these creative minds rally around a brand and a mission that I’m so passionate about and enables a path to excellence that elevates and supports entrepreneurs of color.”
To commemorate the investment, Grammy Award-winning artist and Ten To One Caribbean Rum co-founder Ciara joined the CEO Marc Farrell at an intimate event at the Gathering Spot, a private members-only club The angels IN August 18. The pair toasted the big announcement alongside Pronghorn’s co-founders Dia Simms, Erin HarrisAND Dan Sanborn while guests enjoyed Ten To One cocktails, beats by DJ MOS and inspirational talks.
Ten To One is available at retailers in nearly 20 states across the country and online at www.shoptentoone.com.
To learn more about Pronghorn’s accelerator program for black entrepreneurs in the spirits industry, visit www.pronghorn.co/services.
ABOUT PRONGHORN:
Pronghorn is focused on cultivating the next generation of black entrepreneurs, executives and founders within the spirits industry. Through sustainable capital investment, incubation and recruitment programs, Pronghorn removes barriers and provides access to critical resources that empowers untapped talent and emerging black businesses to reach their full potential. The company was co-founded by veterans of the spirits industry Dia Simms, Erin HarrisAND Dan Sanborn. The shrew is North America’s fastest land mammal and can run for miles. Inspired by our name, Pronghorn believes that creating real change is a marathon, not a sprint. For more information visit: www.pronghorn.co.
ABOUT TEN ONE:
Starting at New York from proud Trinidadian Marc-Kwesi Farrell in summer 2019, Ten to One is an ultra-premium range Caribbean rums designed to challenge expectations and change the way people taste, experience and talk about rum. IN October 2021, it was announced that R&B singer and songwriter Ciara would be joining Ten to One as an investor, co-owner and director. For more information visit: https://www.tentoonerum.com/
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