By NAN Staff Writer
News Americas, NEW YORK, NY, Friday. August 10, 26, 2022: Caribbean-born rum entrepreneur Mark Farrell has secured an equity investment from Diageo-backed incubator Pronghorn.
It was the first investment for Pronghorn. Caribbean rum brand Ten to One was founded by and is owned by Farrell, and co-owned by Grammy-winning singer Ciara, who joined the rum brand in October 2021 as an investor, co-owner and director.
Award-winning rum Ten To One Caribbean was founded in 2019 by entrepreneur and former Starbucks Junior Vice President. His impressive resume began when he was just a teenager. He attended MIT at just 16, followed by Cambridge University and Harvard Business School, all before becoming, at the time, the youngest ever vice president in Starbucks history.
The name Ten To One comes from a quote by Dr. Eric Williams, the first Prime Minister of Trinidad and Tobago, when discussing the first Caribbean federation of 10 countries. “One in ten leaves zero,” he said, conveying the idea that “we are stronger together than apart.”
Through his creation, Farrell said he hopes to elevate the experience of consuming Caribbean rum and highlight its versatility.
In just a short period of time, Ten To One Caribbean rum has received critical acclaim from Food & Wine, Forbes and Zagat for its excellent pan-Caribbean blends, as well as the brand’s role in moving the rum category into a more elevated. and authentic reflection of Caribbean culture. Ten To One White Rum costs almost $37 while Ten To One Dark Rum is almost $49.
“Continuously challenging expectations has been central to our brand 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,” said Farrell. “There remains 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.”
“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 Black entrepreneurs.”
“Pronghorn’s goal is to cultivate the next generation of black entrepreneurs, executives and founders within the spirits industry. We are excited to begin the first of 57 Black-owned liquor brand investments to be made over the next ten years with Ten To One Rum,” said Erin Harris, Co-Founder of Pronghorn. “Diversified representation in entrepreneurship will drive innovation and Ten To One is a prime example of this through its continued reimagining of the rum category.”
According to Pronghorn, less than 1 percent of U.S. 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.
ISWR says 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.
Ten To One is available at retailers in nearly 20 states across the country and online at www.shoptentoone.com.
