Diageo North American Unit Investing in Venture Focused on Black-Owned Businesses

This post was originally published on this site

By Micah Maidenberg

Diageo PLC’s North America unit is investing in a new venture that aims to support emerging alcoholic-beverage brands that are run by Black entrepreneurs.

The spirits company said Monday its business covering the U.S. and Canada will make an investment to anchor the venture, called Pronghorn, and serve as a founding partner in the effort.

“Pronghorn will identify and nurture new brands and nourish emerging businesses through capital investment, thereby generating hundreds of new founders and thousands of participants,” the company said in a statement.

The Pronghorn venture was founded by Erin Harris and Dia Simms, both of whom have long worked in the alcohol industry.

“It’s important that the Black community is represented on both sides of the bar, from brand creation to boardrooms and everywhere in between,” said Ms. Simms.

Many companies have sought to bolster initiatives around racial inclusion and equity following the police killing of George Floyd and other Black Americans.

Write to Micah Maidenberg at micah.maidenberg@wsj.com