Uncle Nearest launches venture fund to support spirit brands in the US

Uncle Nearest Premium Whiskey, an American whiskey brand, has announced the creation of a new fund to invest in minority-founded and owned spirit brands.

The $50m Uncle Nearest Venture Fund has already finalised two firms, each of which will receive initial funding of $2m.

London-based Equiano, the world’s first Afro-Caribbean rum founded by Ian Burrell and Aaisha Dadral, and Jack From Brooklyn, which produces Sorel Liqueur, will receive the funding.

Uncle Nearest founder and CEO Fawn Weaver said: “On 1 June 1921, an entire community of wealthy and successful African Americans was wiped out in a matter of hours. We are talking about 35 square blocks known as Black Wall Street.

“As an African American, learning about that history broke my heart because we, as a people, were really onto something in Tulsa, Oklahoma. We were lifting one another up and creating wealth within our own community and then showing others how to do it for themselves.”

With this investment, Sorel Liqueur will return to the market this summer, retailed through ReserveBar.com and its Spirited Change Initiative.

ReserveBar co-founder and CEO Lindsay Held said: “America consists of approximately 40% people of colour, but they own an incredibly small percentage of spirit brands.

“We have to work collectively to change that so that we can unlock opportunity for all. We are committed to working with every minority-owned brand in the Uncle Nearest Venture Fund.”

After making its online debut, Sorel Liqueur will be rolled out in markets across the country.

It will be distributed by Republic National Distribution Company, Breakthru Beverage Group, Empire Distributors and several other top distributors and will be offered in more than 40 states by this year-end.