Pronghorn announced its investment in Ten To One, the award-winning 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 will provide access to its supercharging services, designed to help Ten To One scale its business.
Less than 1% of spirits brand acquisitions in the U.S have been Black owned, according to Pronghorn. 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 knowledge and resources to realize their brand’s ambitions.
“We are thrilled to kick off the first of 57 investments in Black-owned spirits brands that will be made over the next ten years with Ten To One Rum,” said Erin Harris, Co-Founder, Pronghorn. “Diverse representation in entrepreneurship will drive innovation, and Ten To One is a leading example of that through its continued reimagination of the rum category.”
“Pronghorn’s team are spirits industry game-changers,” said Ciara in a press release. “It’s rewarding to see these creative minds rally around a brand and a mission that I am so passionate about and enable a path to excellence that uplifts and supports Black entrepreneurs.”
Ten To One Caribbean rum has received critical acclaim from the likes of Food & Wine, Forbes and Zagat for its exquisite 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 U.S. market for Super Premium+ rum brands is projected to have a compound annual growth rate of 12.6% from 2021 to 2026 and to grow 2x faster than the spirits industry over the next 5 years.