Playboy Spirits secures $13m funding

US-based Playboy Spirits has raised more than US$13 million in funding to accelerate the growth of its limited edition products.

Playboy Spirits is a joint venture between Plby Group, the owner of Playboy magazine, and XL Ventures, an affiliate of alcohol beverage group Spirits Investment Partners (Sip).

Sip specialises in branding, package design, product development, incubation, and growth acceleration of early-stage alcohol brands.

The capital, raised from a private investor, will fund the operations of Playboy Spirits. It will also be used to buy rare aged spirits, which will be released under the joint venture’s Rare Hare brand.

Since its launch early last year, the company has released two batches of Rare Hare Añejo Conejo Tequila in collaboration with Código 1530, 17-year-old Bourbon Rare Hare 1953, and 6o-year-old Cognac Rare Hare Lapine.

This year the company is planning to release limited edition spirits in the US and Asia, and enter the ready-to-drink category.

Plby owns a 40% stake in the joint venture, while XLV holds the remaining 60% stake. Playboy Spirits and its operating subsidiary is primarily run by Sip.

Marc Bushala, CEO of XLV, Sip and Playboy Spirits, said: “It has been amazing to develop Rare Hare in partnership with a global brand like Playboy. For the past several years, Sip has discreetly procured unique and rare spirits from around the world to offer in limited releases under the Rare Hare brand.”

Bushala is the co-founder and former CEO of Angel’s Envy Bourbon, and co-founder of Heaven’s Door Spirits, the latter of which was created with Bob Dylan.

Ben Kohn, CEO of Plby Group, added: “The combination of a well-capitalised and best-in-class operating team in the spirits industry with the halo support of the iconic Playboy brand makes this joint venture an incredible opportunity.”