Pronghorn backs mezcal brand
Diageo-backed incubator Pronghorn has invested in New York-based Doce Mezcal, marking its first foray into the category.
Doce Mezcal was founded in 2022 by Gabriela Lawrence and Mia Tonelli, who want to take the brand into its next stage of growth and expand market share.
Since its launch, the brand claims to have experienced ‘impressive growth, significantly increasing revenue year-over-year, expanding points of sale through self-distribution, raising a lean capital round and implementing a consumer-focused strategy’.
Lawrence said: “We are excited to enter the next phase of our business alongside Pronghorn. Their dedication to amplifying underrepresented brands makes them the perfect partner for this stage of growth, and we look forward to utilising their expertise, services, and support to expand Doce Mezcal’s market share.”
Of the decision to invest in Doce Mezcal, Jerry Petit-Frere, director of portfolio management for Pronghorn explained that “as a women- and Black-owned brand, Doce Mezcal stands out with its strong brand ethos and award-winning quality.
“Its innovative ‘’liquid-to-lips’ strategy and focus on customer education provide an exciting new option for consumers. This partnership reflects our commitment to championing diverse leaders and adding disruptive brands to the Pronghorn portfolio.”
Pronghorn has a 10-year initiative to drive diversity, equity and inclusion across the spirits industry, with Diageo putting US$200 million behind the company to achieve its target.
It aims to generate US$2.4 billion in economic value for the Black community by 2032.
In the past few years, Pronghorn has invested in brands including Japanese whisky producer Shinju Spirits and Anteel Tequila, which is the first Tequila co-founded and co-owned by a Black woman.
Doce Mezcal represents Pronghorn’s first investment in Tequila’s agave peer, which is projected to expand at an 11% compound annual growth rate (CAGR) through 2028, making it one of the fastest-growing spirits segments.
Petit-Frere added: “Partnering with Gabriela and Mia, whose expertise in CPG, lifestyle, and hospitality makes them exceptional founders, is exciting for Pronghorn. We’re confident they’ll establish Doce Mezcal as a category leader.
“Together, we’re ready to supercharge Doce’s growth.”
Last month Pronghorn named Ron Cole as its president to accelerate its own growth.
Distribution
Additionally, with Pronghorn’s backing, Doce Mezcal has entered a distribution partnership with Blueprint.
The distributor focuses on premium producers in the Northeast and Mid-Atlantic regions in the US and is a division of Union Beer and The Sheehan Family Companies.
Through the partnership, Doce Mezcal expects to increase its distribution presence across New York state, with Tonelli adding that “Blueprint’s commitment to expanding its agave division and its strategic support for emerging brands make it a natural fit for this next chapter”.
“We’re excited to kick off the year with a distribution team that understands our story, sees our potential, and is equally invested in our shared success,” she said.
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