Constellation Brands says that its venture capital group, Constellation Brands Ventures, will invest $100 million in female-founded or female-led businesses by 2028 through a new program, called Focus on Female Founders.
The Victor-based company’s chief growth officer, Mallika Monteiro, says that, “This program is designed to make meaningful investments in female-founded and female-led businesses doing disruptive and innovative work across beverage alcohol. Broadening our focus on this critical demographic will drive incremental growth for our business, enhance our relevance, deepen our consumer knowledge base, and broaden our pipeline of ideas and talent.”
Constellation notes that women-led businesses are the fastest growing segment of entrepreneurship in the U.S., but only two percent of venture capital funding went to female-led companies in 2017.
The company’s incoming CEO, Bill Newlands, says that, “Women are an underrepresented demographic in the beverage alcohol industry and we are committed to doing our part to help change this.”
Constellation Brands has completed its first investments in two specialty beverage companies, Texas-based Austin Cocktails and Missouri-based Vivify Beverages.