Ciara and Marc Farrell’s Ten To One Rum has secured a $1 million investment from private equity firm InvestBev Group, according to The Spirits Business.
The financial gain is projected to help Ten To One elevate its presence in the Caribbean rum sector and help the brand reach new markets.
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“We are thrilled to partner with Ten to One Rum and founder Marc Farrell. Marc and his team have built an incredible brand for what we feel is the next hot category,” InvestBev Group Founder Brian Rosen said, according to Benziga. “Data shows that Rum is gaining share monthly, and we are excited to support Ten To One in their growth journey.”
Farrell shared, “We’ve always sought to identify great investors who not only have resonance with our aspirations for Ten to One but also have the ability to directly impact those ambitions to build something iconic with the brand. Brian and the InvestBev team fit the bill on both fronts, and so we’re thrilled to welcome them to the Ten To One family.”
This marks yet another investment for the Black-owned spirits brand. As AFROTECH previously told you, Pronghorn — a business dedicated to amplifying Black entrepreneurs in the spirits industry — blessed Ten To One Rum with a capital investment in August 2022 to supercharge its services.
“Pronghorn’s team are spirits industry game-changers,” said Ciara, co-owner of Ten To One, according to a press release. “It’s rewarding to see these creative minds rally around a brand and a mission that I am so passionate about and enable a path to excellence that uplifts and supports Black entrepreneurs.”
Pronghorn’s efforts are part of a 10-year commitment to invest in Black-owned spirits brands.
“Pronghorn’s goal is to cultivate the next generation of Black entrepreneurs, executive leaders, and founders within the spirits industry,” Erin Harris, Pronghorn’s co-founder, explained. “We are thrilled to kick off the first of 57 investments in Black-owned spirits brands that will be made over the next ten years with Ten To One Rum. Diverse representation in entrepreneurship will drive innovation, and Ten To One is a leading example of that through its continued reimagination of the rum category.”
