Distill Ventures commits additional $5 million to drinks founders
Accelerator program furthers investments to entrepreneurs from underrepresented communities
Since launching its Pre-Accelerator Programme in July 2021, Distill Ventures (DV), an independent drinks accelerator devoted to building and scaling the drinks brands of the future, has invested its initial goal of $5 million to entrepreneurs from underrepresented communities. Now, DV is announcing its aim to invest an additional $5 million in global funding committed by Diageo, DV’s sole funding partner, during the next year.
Through the Pre-Accelerator, DV has created a more accessible runway to unlock seed funding, a key barrier reported by entrepreneurs from historically underrepresented communities. Since its launch, it has attracted more than 300 applications from a broad range of applicant backgrounds, with nearly 50% of applicants identified as women, 50% as Black/African/Caribbean, 17% as Latinx, 16% as having Asian heritage and 11% as LGBTQIA+. In year one, DV backed 10 drinks brands in the United Kingdom, United States and The Netherlands, and their 19 founders, alongside Diageo, including: