Investment firm Pronghorn has announced it has raised $200 million to support Black-owned businesses in the spirits industry. The announcement comes as the firm celebrates its first anniversary.

Since launching in 2022, Pronghorn has invested in 19 Black-owned businesses. The fund is backed by anchor investor and global beverage leader Diageo North America and is part of a 10-year plan to invest in 57 Black-owned brands.

“Since inception, our mission has been crystal clear in creating a template to diversify any industry and, in doing so, help support new founders, bold executives and the businesses of Black entrepreneurs within the spirits industry. We couldn’t be more proud of the Pronghorn team’s pace of progress toward our goal within just one year of launch. So much hard work remains, but this investment is significant, and the purpose is powerful,” Dia Simms, Pronghorn co-founder and board chair, said in a statement.

Pronghorn released its first Impact Report, detailing progress made during its first year.

In its first year, Pronghorn was able to identify 258 Black-owned spirits companies, support the businesses of 40 individual Black founders, and invest in 19 portfolio brands, which include Ten to One Caribbean Rum, Anteel Tequila, IslandJon Vodka and Greenwood Whiskey.

It has also invested in companies like Constellation Brands, 1863 Ventures, and more, a statement reads.

The report also suggests Pronghorn achieved five per cent of the company’s goal to help place Black employees within 1,800 industry roles. It expects to produce $2.4 billion of industry economic value driven by employment for the Black community by 2032.

Further, Pronghorn has partnered with the Distilled Spirits Council of the United States (DISCUS) and its DEI Member Committee, composed of supplier companies, which committed to hiring 949 roles by 2032.

And according to an earnings report, the company’s portfolio brands saw significant overall growth at an average of 101 per cent.