US-based alcoholic beverage producer Constellation Brands has formed a corporate venturing unit called Constellation Ventures that will seek out investments in innovative concepts and new categories within the alcohol industry.
Constellation Ventures has also made its first investment, providing an undisclosed sum for Crafthouse Cocktails, a US-based producer of pre-mixed, spirit-based cocktails. Founded in 2013, Crafthouse sells bottled versions of Moscow Mules, Palomas and Southsides.
Bill Newlands, chief growth officer of Constellation Brands, said: “We are moving forward in a competitive and ever-changing industry by identifying opportunities for innovation, both inside and outside the company, as part of our total growth strategy.
“Constellation Ventures connects us with entrepreneurial brands and technologies, and allows us to support consumer-proven products early in their lifecycle.”
Founded in 1945, Constellation oversees a range of beer brands including Corona and Modelo, as well as various wines and spirits.