African spirits group Spearhead announces $3million investment
Spearhead, the Black-owned African spirits group, has raised $3 million.
Funded by Pendulum, a strategic investment and advisory platform for founders and leaders of colour, the investment marks the group’s entry into the US and will further power the company’s next phase of growth.
Following the strong reception of the brand in European markets, the funding will allow Spearhead to accelerate its global reach, introduce new product lines and scale marketing efforts.
Founded in the UK and launched in March 2021 by co-founders Chris Frederick and Damola Timeyin, Spearhead is an award-winning business with a growing portfolio of premium brands that include Bayab Gin and Vusa Vodka.
Chris Frederick, CEO & co-founder, said: “With a lack of Black-owned African Spirits brands exported globally, we have made it our mission to connect the world to Africa through our spirits. Our brands not only increase diversity and challenge cultural bias in the sector but being produced on the African continent allows us to show the world what Africans have always known about its culturally and resource-rich continent, with products that compete on the world stage in taste and quality, as well as innovation. Pendulum’s investment will allow us to realise this vision globally; we are beyond excited about the partnership and their belief in this mission and the power of the African continent.”
The group will also continue its investment in community development across South Africa. In partnership with the organisation uMthombo, Spearhead will use this funding to help uMthombo get young people off the streets and provide them with life-skills training via a pathway to employment.
Spearhead will also be joined by a group of strategic partners, including Kenny Burns, lifestyle specialist and long-time spirits industry executive with prior roles at CIROC and Grey Goose and equity stakes in Uncle Nearest and most recently Spearhead; and Donae Burston, founder and CEO of La Fete du Rose, the first entirely Black-owned rosé brand from St. Tropez, France.
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