Uncle Nearest Premium Whiskey has announced a $50 million fund to invest in upcoming BIPOC-owned spirit brands. According to The New York Times, the Fawn-Weaver founded firm is America’s fastest-growing whiskey label, as reported by IWSR drinks market analysis.
As per Uncle Nearest Premium Whiskey’s press release, Weaver stated the announcement came when the company celebrated its 100th anniversary of making a mark on Black Wall Street.
On June 1, 1921, an entire community of successful and wealthy African Americans ceased to exist in a matter of minutes.
“We are speaking about square blocks called the Black Wall Street. It breaks my heart as an African American to learn about the devastating history, because as a community, we were onto something in Tulsa, Oklahoma.
We had resolved to help each other succeed while creating wealth within our community and showing others how to do it. Although we cannot undo the past, I believe we have a say about our future, and that includes recreating a Black Wall Street within the spirits industry,” said Weaver.
The New York Times also disclosed the fund already had two investments set up. One is a $2 million investment for Equiano Rum Co and another $2 million stake in Jack from Brooklyn.
While the fund will prioritize Black-owned spirit brands, it will also consider labels led by a woman or person of color. For example, Uncle Nearest’s leadership team consists of women as per their Instagram posts.
The company’s website further reveals Uncle Nearest Venture Fund came up to invest in BIPOC and women-led, owned, and founded brands, with a great potential of growing into well-established legacy brands.
Another Uncle Nearest Premium Whiskey Instagram post says theirs is African American-owned and founded best selling spirit brand of all time.
To learn more about the fund, click here.