Inaugural investment kickstarts the company’s initiative to diversify the spirits industry by 2032 and generate $2.4 billion in economic value.
Pronghorn announced today 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. According to Pronghorn, less than 1% of spirits brand acquisitions in the U.S 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 knowledge and resources to realize their brand’s ambitions.
“Pronghorn’s goal is to cultivate the next generation of Black entrepreneurs, executive leaders, and founders within the spirits industry. 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.”
Award-winning Ten To One Caribbean rum was founded in 2019 by entrepreneur and former Starbucks Senior Vice President, Marc Farrell. Through his creation, Farrell hopes to elevate the experience of consuming Caribbean rum and highlight its versatility.
“Continuously challenging expectations has been core to our brand’s DNA from day one, and proven to be a major ingredient in preserving on a path to success – even against the backdrop of a global pandemic,” said Marc Farrell, Founder, Ten To One. “There remains an enormous 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 to other major metropolitan hubs, but 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 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.
The name Ten To One comes from a quote from Dr. Eric Williams, Trinidad and Tobago’s first Prime Minister when discussing the first Caribbean federation of 10 countries, who said “One from ten leaves zero” — conveying the idea that we are stronger together than apart.
“Pronghorn’s team are spirits industry game-changers,” said Ciara, Co-Owner, Ten To One. “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.”
To commemorate the investment, Grammy-award winning artist, and co-founder of Ten To One Caribbean Rum, Ciara joined CEO Marc Farrell at an intimate event at the Gathering Spot, a private members only club in Los Angeles on August 18th. The duo toasted the big announcement alongside Pronghorn co-founders Dia Simms, Erin Harris, and Dan Sanborn while guests enjoyed Ten To One cocktails, beats by DJ MOS and inspiring conversations.
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, executive leaders, and founders within the spirits industry. Through sustainable capital investments, incubation, and recruitment programs, Pronghorn removes barriers and grants access to critical resources that empowers untapped talent and emerging Black businesses to reach their full potential. The company was co-founded by spirits industry veterans Dia Simms, Erin Harris, and Dan Sanborn. The pronghorn is the fastest North American land mammal and can endure speeds for miles. Inspired by our namesake, Pronghorn believes creating real change is a marathon, not a sprint. For more information visit: www.pronghorn.co.
ABOUT TEN TO ONE:
Launched in New York by proud Trinidadian Marc-Kwesi Farrell in the summer of 2019, Ten to One is a range of ultra-premium 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-songwriter Ciara would join Ten to One as an investor, co-owner, and director. For more information visit: https://www.tentoonerum.com/
MEDIA CONTACT
Contact: Jessica Meisels
Fingerprint Communications
Jessica@fingerprintcom.net
Office: 310-276-7500
SOURCE: Pronghorn
