Diageo-backed spirits incubator Pronghorn has entered the mezcal category with an undisclosed investment in US business Doce Mezcal.
Launched onto the market in 2022, New York-based Doce Mezcal is a female-founded brand that crafts “high-quality” mezcal.
Pronghorn portfolio management director Jerry Petit-Frere said: “As a women- and Black-owned brand, Doce Mezcal stands out with its strong brand ethos and award-winning quality.
“Their innovative 'liquid-to-lips' strategy and focus on customer education provide an exciting new option for consumers.”
Also commenting on the investment, Doce Mezcal co-founder and chief brand officer Gabriela Lawrence said that Pronghorn’s “dedication to amplifying underrepresented brands makes them the perfect partner for this stage of growth, and we look forward to utilizing their expertise, services, and support to expand Doce Mezcal's market share."
The investment comes on the heels of Doce’s distribution partnership with Blueprint, a division of Union Beer & The Sheehan Family Companies, which starts this year.
Blueprint, a fifth-generation distributor, supplies craft spirits from various producers across the Northeast and Mid-Atlantic regions.
Under the agreement, Doce Mezcal said it will work with The Sheehan Family Companies “to increase its distribution presence” in New York.
Doce Mezcal co-founder and CEO Mia Tonelli said: “Blueprint's commitment to expanding its agave division and its strategic support for emerging brands make them a natural fit for this next chapter.
“We're excited to kick off the year with a distribution team that understands our story, sees our potential, and is equally invested in our shared success.”
Pronghorn has been diversifying its portfolio over the past 12 months. In June, it expanded into the non-alcoholic category by backing the ready-to-drink (RTD) cocktails brand Mocktail Club.
In May, the black-owned drinks business investor also made a “strategic investment” in Japanese whisky maker Shinju Spirits, marking its first investment in a Japanese brand.
Last year, Pronghorn portfolio director and former Diageo executive Connor McKenna, told Just Drinks the investor's “ten-year goal is to invest in 57 brands”.
McKenna confirmed at the time the firm had already invested in 23 brands out of the 57 target, “providing founders with access to capital, network and know-how to try and be successful in the industry”.
Pronghorn counts the world’s largest distiller, Diageo, as its anchor investor,
