Dive Brief:
The venture capital arm of Constellation Brands will take a minority stake in La Fete du Rosé as part of its Focus on Minority Founders initiative, the company announced this week. This initiative aims to give $100 million to Black, Latinx, and minority-owned businesses by 2030. Terms of the deal were not specified, but La Fete’s CEO Donae Burston told CNBC the funds will be used to expand staff and production.
The 2-year-old Black-owned brand focuses on targeting consumers that are normally looked over, and donating profits to help more BIPOC get into the wine and spirits industry. This new deal will allow the rosé brand to reach more customers, while Constellation will have the opportunity to work with untapped markets.