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Jobs lost at Distill Ventures as Diageo backs out
Diageo will no longer be bringing new brands into the Distill Ventures accelerator programme, which has resulted in job losses.
Founded in 2013, Distill Ventures is a global drinks accelerator that helps start-up brands grow. Diageo agreed to back the company when it launched.
Over the years, Diageo has acquired six brands from the partnership: Belsazar, Tipplesworth, Kikori, Seedlip, Mr Black, and Ritual Zero Proof.
Confirming the move, a Diageo spokesperson said: “Following more than 10 successful years partnering with Distill Ventures to nurture and scale emerging spirits brands, we have undertaken a strategic review of our approach to early-stage, venture investments.
“Moving forward, Diageo will not be bringing in any new brands into the Distill Ventures programme, whilst a smaller Distill Ventures team will remain in place to manage a reduced number of existing investments.”
The move aligns with Diageo’s strategy outlined in its CAGNY (Consumer Analysis Group of New York) Conference presentation. The presentation outlined four key priorities to deliver sustainable long-term performance: optimise results, deliver sustainable top-line growth, increase operating leverage, and maximise free cash flow.
In January 2024, Diageo created a ‘breakthrough innovation’ team to lead advancements beyond new product development, led by Guy Middleton, former general manager innovation – Asia Pacific.
In February, Diageo – whose portfolio also includes Smirnoff and Don Julio – saw its organic sales rise by 1% in the first half of its 2025 financial year. At the time, the group noted how pending tariffs could impact the results in the latter part of the year.
Falls in Latin America and the Caribbean, plus a 20% drop for Casamigos Tequila in 2024, resulted in flat overall sales for Diageo in its 2024 financial year.
Last year, Distill Ventures founder Frank Lampen and the company’s whisky portfolio director, Charlie Steel, told The Spirits Business why Mexican whisky was “one to watch”.
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