Constellation Brands Ventures, the corporate venturing subsidiary of US-based alcoholic beverage producer Constellation Brands, has pledged to invest $100m in female-led and founded businesses over the next 10 years.
Focus on Female Founders will provide capital in addition to mentoring, access to distribution and retail partners, financial advice and introductions to a community of female entrepreneurs for businesses in the alcohol space and adjacent categories.
The firm has already made investments in US-based bottled cocktail producer Austin Cocktails and US-based alcohol beverage developer Vivify Beverages through the scheme. The former had raised $4.3m in funding in October this year according to a securities filing.
Bill Newlands, Constellation Brands’ president and chief operating officer, said: “Women are an underrepresented demographic in the beverage alcohol industry and we are committed to doing our part to help change this.
“As consumer demographics, needs and choices continue to evolve, we believe the focus and point of view that women-led businesses bring to the table will help drive transformative innovation and accelerated growth for our business and, more importantly, for the beverage alcohol space at large.”
Founded in 1945, Constellation oversees a range of beer brands including Corona, Modelo and Pacifico, wines such as Robert Mondavi, Clos Du Bois and Black Box, and a selection of spirits including Svedka Vodka, Casa Noble Tequila and High West Whiskey.
The company launched its strategic investment arm, then known as Constellation Ventures, in 2015, completing its first investment, in pre-mixed cocktail maker Crafthouse, at the same time.