R&B singer-songwriter Ciara, who co-owns Ten To One Rum with founder Marc Farrell, recently accepted a $1 million investment from InvestBev Group. According to The Spirits Business, the Chicago-based private equity firm extended the money to elevate the brand’s presence in new markets and in the ultra-premium Caribbean rum sector.
Ten to One was founded in 2019. Farrell’s goal was to build an “elevated but not exclusive” brand rooted in Caribbean culture and heritage. Ciara joined the Black-owned spirits brand as an investor, co-owner and director in 2021.
“Marc and his team have built an incredible brand for what we feel is the next hot category,” InvestBev Group founder Brian Rosen said. “Data shows that rum is gaining share monthly, and we are excited to support Ten To One in their growth journey.”
As reported by The Spirits Business, “according to IWSR Drinks Market Analysis data cited by Pronghorn last year, the US market for super-premium-plus rum brands is expected to have a compound annual growth rate of 12.6% from 2021 to 2026, and will grow two times faster than the total spirits industry over the next five years.”
According to Farrell, Ten To One has always sought great investors who align with the brand’s aspirations and have the ability to “directly impact those ambitions to build something iconic” with the brand.
“Brian and the InvestBev team fit the bill on both fronts, and so we’re thrilled to welcome them to the Ten To One family,” Farrell said.
Ten To One is on its way to becoming a premium market leader within the rum category. In August 2022, the brand secured a capital investment from Pronghorn to help scale the business, generate wealth, and drive acquisitions for Ten to One.
“Pronghorn’s goal is to cultivate the next generation of Black entrepreneurs, executive leaders, and founders within the spirits industry,” Proghorn co-founder Erin Harris said at the time.
Ten To One is the first of Proghorn’s 57 investments in Black-owned brands that will be made over the next 10 years.