Pursuit Spirits raises $8 million for US whiskey
American whiskey producer Pursuit Spirits has invested US$8 million in future Bourbon and rye barrel purchases to expand its US presence.
The financing has been secured through a series of private funding and asset-backed loans.
Ryan Cecil and Kenny Coleman, who host the podcast Bourbon Pursuit, founded Pursuit Spirits in 2018.
“The whiskey business is very capital intensive. We scraped together enough money to buy our first three barrels of Bourbon,” said co-founder Kenny Coleman.
“We have continually reinvested every dollar into the business. With the help of family and friends, and our new financing plan with Town & Country, we have forecasted our growth for the next decade with a strong portfolio of products.”
Following the launch of the Pursuit’s United Bourbon, the company moved forward with a plan to nationally scale the brand with four partner distilleries.
A total of US$2m was raised through private individual funding, and a US$6m ‘financing plan’ has been developed with Town & Country Bank and Trust Company for the next five years of whiskey purchases.
“We’re a bank in the heart of Bourbon country,” added David Greenwell, president of Town & Country Bank and Trust Co.
“When Ryan and Kenny approached us for financing options we were eager to hear more about the business. I’m happy that we can be a valued resource for growing a business that impacts our local community.”
Pursuit Spirits is currently distributed in nine US states and is available online at pursuitspirits.com.
Last week, Diageo-backed incubator Pronghorn invested in three Black-owned spirits companies: Den of Thieves, Ego Tequila and Tequila with Friends.
In August, we unveiled the results of the American Whiskey Masters 2022.