Norway-based The Island Rum Company has secured an undisclosed sum from private investors to support global market growth and production facility expansion in Cuba.

The funding round, which closed in November 2024, saw five private investors take a minority stake in the company, the group's commercial and marketing brand Island Rum Brands confirmed to Just Drinks.

The investment is being used to boost global distribution and brand marketing efforts with a focus on “strategic markets" including the UK, France, and Italy, the group said.

The sum is also expected to be used to “modernise and expand” the production facility where the group's rums are made in Cuba.

“This investment round comes at a time when our global expansion and growth ambitions are starting to come to life," said Island Rum Company Board chairman Henrik Björck said in an official statement.

“Both our international and Cuban teams have developed commercial and marketing plans for 2025 and beyond, supported by this new financial backing.”

He also confirmed that the company has opened its next investment round, with plans to close it in April.

Founded in Norway in 2012, Island Rum Company owns the rum brands Black Tears and La Progresiva.

It produces around 100,000 nine-litre cases of rum a year.

The company manufactures its rums in Cuba through a joint venture with Grupo Azucarero (also known as Azcuba Sugar Group) called Ron Vigia, though the bottling of the Black Tears brand takes place in the Netherlands.

Ron Vigia will manage the expansion and modernising project at the production facility, which is located in central Cuba in the Ciego de Avila province.

Plans are in place to expand the bottling line and acquire a new mixing tank at the site, Island Rum Brands confirmed. Solar panels are also to be installed to ensure "continuous electricity supply". The work is anticipated to be completed this year, though this is contingent on the results of the next investment round.

Black Tears and La Progresiva are sold in 45 markets around the world.

Earlier this month, The Island Rum Company announced its foray into Germany through a distribution deal with local importer and distributor Kammer-Kirsch.

The distribution partnership will see Black Tears and La Progresiva enter the German market this month.