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Distill Ventures commits to backing early stage founders from underrepresented groups
Distill Ventures has committed to increasing diversity in the drinks industry with a range of initiatives, including the launch of a Pre-Accelerator Programme designed to fund early stage founders from underrepresented groups.
Seed funding has been reported as a key barrier for entrepreneurs from underrepresented groups, per a press release. The Pre-Accelerator Programme is designed to create a more accessible route to such funding.
Distill Ventures will seek out potential founders via their search pipeline, with an initial focus on the US and UK. Interested entrepreneurs are also encouraged to apply for funding through www.distillventures.com/pre-
Selected founders will be supported by Distill Ventures and Diageo to create a six-month business plan to present to the two businesses. Successful applicants will be then be awarded initial funding, typically between $250,000 and $500,000.
“In eight years, DV has built a portfolio of next generation brands, but it has become clear to us that we want to dedicate focus on diversifying the ownership of drinks brands by addressing a key barrier head on: access to seed funding,” said Frank Lampen, CEO, Distill Ventures. “We know that opportunities for entrepreneurs are not equally accessible to all, and so at the heart of our company-wide inclusion and diversity initiatives is the creation of a new Pre-Accelerator that will enable us to work with really early stage founders. This change cannot happen overnight, but we are excited to help evolve the drinks world, one founder at a time.”
Liz Brown, Group Strategy Director, Diageo said: “We are committed to championing inclusion and diversity to ensure our employees, suppliers and partners are representative of the people around the world who enjoy our products. We have ambitious 2030 goals and today’s announcement from Distill Ventures supports our commitment to growing a more diverse drinks industry, supporting innovative entrepreneurs and building a sustainable long-term business.”