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Wednesday, July 06, 2022

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Uncle Nearest Premium Whiskey to launch a $50 million venture fund to finance minority-owned spirit brands

The fastest-growing and best-selling minority-owned spirit brand of all time in the United States has recently announced a $50 million initiative that aims to give back

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The fastest-growing and best-selling minority-owned spirit brand of all time in the United States has recently announced a $50 million initiative that aims to give back to its fellow minority-owned spirit brands.  

A whiskey brand that has won numerous awards has now launched a fund dedicated to making investments in minority-owned spirits brands. To honor the 100th anniversary of Black Wall Street’s destruction in Tulsa, the announcement was timed to coincide with that event. 

As Fawn Weaver noted in his statement, Black Wall Street’s destruction left a profound impact on him. He explained that even though we cannot alter history, we can instead control the future. 

Uncle nearest has selected its initial two investments: Equianom, the first Afro-Caribbean rum; and Jack From Brookyn, Inc., the first black distillery in the United States after the prohibition.  

It has taken years for minority-owned spirit brands to begin gaining support from customers who are actively seeking to buy products from Black-owned brands. The new fund launched by Uncle Nearest’s will make it possible for brands to receive support which will create more opportunities for minorities in the alcohol business.     

Lindsay Held the CEO, and co-founder of Reserve Bar identified the fact that people of color make up around %40 of the American population yet only make up a small percentage of current spirit brands. In order to change this statistic and unlock new possibilities for all, we must work together. Held goes on to say that he and his company are dedicated to serving every minority-owned spirit brand involved in the Uncle Nearest Venture Fund.   

According to Weaver, Uncle Nearest’s initiatives are intended to expand opportunities for minorities in the spirits industry. Weaver goes on to say that she didn’t start this journey for her name to be remembered, but instead, her goal is to cement Nearest’s name in history far after she is gone. 

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