Constellation Brands, producer of Corona in the U.S., Svedka vodka, and many other popular alcohol brands, announced it will invest $100 million in female-founded alcoholic beverage companies over the next decade, Bloomberg reports.
Constellation’s venture capital arm launched the group to boost women-run alcohol businesses in what is undeniably a male-dominated industry. According to data from the Equal Employment Opportunity Commission, men account for about 80 percent of beverage and tobacco executives. Further, only 2 percent of venture capital funding went to all-female-founded businesses in 2017, Bloomberg reports.
The move is as savvy as it is supportive: Women control a majority of consumer spending in the U.S., and comprise the fastest-growing group of new business owners.
The fund’s first recipients are Austin Cocktails, a bottled cocktail company, and Vivify Beverages, which currently produces Bravazzi hard Italian soda, and Itz Spritz, a gluten-free hard sparkling beverage brand. Recipients will also gain access to Constellation’s supply chain, distributor relationships, and consumer research.