The aforementioned $50 million fund was created with the specific intention of investing in rapidly growing, minority-founded and owned spirit brands. The announcement was made on the 100th anniversary of the destruction of Black Wall Street which, according to Uncle Nearest founder and CEO, was by design.
“On June 1, 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,” said Weaver. “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. We cannot go back and undo the past, but I do believe we have full power over our future, and that recreating a Black Wall Street of sorts within the spirits industry is a great place to start.”
The fund has already chosen its first two investments, and each of those companies will receive initial funding of $2 million. They are respectively: London-based Equiano, the world’s first Afro-Caribbean rum founded by Ian Burrell and Aisha Dadral; and Jack From Brooklyn, Inc., the first-known Black-owned distillery in America post Prohibition and maker of Sorel Liqueur. The latter was founded by Jackie Summers in 2012, Sorel had all the makings of a successful brand when it launched, and immediately gained popularity. However, Summers was not able to obtain the funding required to grow a successful spirit brand.
“Most people don’t know how expensive it is to create and grow a premium spirit brand in America,” said Summers. “I wasn’t willing to compromise on the quality and I did everything I could to raise the money to keep Sorel alive, including pitching the brand to the CEOs of some of the most well-known spirit conglomerates. Every single one turned me down. Many do not know this, but I went homeless for about 18 months as I pounded the pavement to continue growing my business. I never gave up because I knew it was special and that one day, someone would be willing to invest in it and in me. The moment the Uncle Nearest Venture Fund agreed to do so, we were ready – we’d only been waiting on capital.”
Through the investment from the Uncle Nearest Venture Fund, Sorel Liqueur will return to market this summer as an exclusive offering via ReserveBar.com and their Spirited Change Initiative.
“America consists of approximately 40 percent people of color, but they own an incredibly small percentage of spirit brands,” said Lindsay Held, CEO and co-founder of ReserveBar, the established leader in premium spirits ecommerce. “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.”
Following its online debut, Sorel will roll out to markets across the country this summer. The brand has already obtained national distribution through Republic National Distribution Company (RNDC), Breakthru Beverage Group, Empire Distributors and several other top distributors, and will be available in more than 40 states before the end of the year.