Proof & Co raises $8m to fund growth
Singapore-based spirits distributor Proof & Company has raised SG$11 million (US$8m) in funding to expand its inventory and global reach.
As well as expanding its inventory in Singapore, Shanghai and Melbourne, Proof & Company will use the capital raised to fund the development of education platform Jerry, which launched last year, and True Believers, the company’s initiative for developing and distributing ‘craft’ spirits.
Spencer Forhart, chairman of Proof & Company, said: “Proof & Company’s disruptive approach to independent spirits is experiencing nearly unlimited growth opportunities.
“Consumer markets across APAC [Asia Pacific] continue to develop at an extraordinary pace and regional preferences are coming to align with global preferences. This investment will allow us to deepen our distribution in the region while allowing our innovation initiatives to gain broad market access.”
Investment in Proof & Company was led by Aglaia Family Office, and a “significant portion” of the funds raised were taken from the firm’s existing investors.
Patrick O’Regan, head of investments at Aglaia Family Office, added: “Proof & Company has positioned itself as one of the leading independent spirits companies in APAC [Asia Pacific].
“We are excited to support the business as it continues to capture the strong growth we are witnessing in the craft and premium spirit segments.”
Over the past year, Proof & Company has grown its team from 70 to 100, opened an office in Shenzhen, and completed the integration of its Neat Spirits Australia and Neat Spirits New Zealand acquisitions.