$5 million will be contributed to the company’s Spirited Change Initiative too empower BIPOC and women entrepreneurs in the beverage industry
ReserveBar, an e-commerce platform specializing in fine spirits, will commit over $5 million over the next three years to its “Spirited Change Initiative”seeking to elevate minority- and women-owned brands in the alcoholic beverage industry, the company announced Tuesday.
Investors in the ongoing effort include Sean “Diddy” Combs, Mary J. Blige, and Thirty Five Ventures’ Kevin Durant and Rich Kleiman. Additionally, Sundial Brands’ Emmet Dennis, former BlackRock executive Jonathan McBride, and Kleiman will join ReserveBar’s Spirited Change advisory board.
With such expertise to bring to bear in addition to the financial investment, Spirited Change Initiative takes a major step toward achieving its goal of empowering entrepreneurs and business leaders from undeserved and overlooked communities and giving them the tools and access they need to compete in the beverage industry.
“ReserveBar is excited to work with a team of talented, passionate investors and board members for the Spirited Change Initiative, such as pioneers like Sean Love Combs, who set the bar for black-owned spirit brands when he famously disrupted the industry in 2007,” said ReserveBar CEO and Co-Founder Lindsay Held.
“We recognize the lack of representation in the beverage alcohol industry, but through this initiative and alongside incredible entrepreneurs and other visionaries, we are committed to providing a platform for greater opportunity and equality.”
“Investing in ReserveBar’s Spirited Change Initiative was an easy decision for me,” Mary J. Blige said in an official company release. “When I was first creating my wine, I was told that less than 5% of the spirits industry represents BIPOC and/or women entrepreneurs. That statistic is unacceptable. We need to make actionable change within the industry and begin to empower, support, and provide tangible resources to minority entrepreneurs as a first step toward inclusion and equality. I look forward to working with my fellow investors to make that happen.”
The challenges are real.
But through the efforts of the SCI, ReserveBar is fully committed to challenging harmful norms in the name of diversity, equity, and inclusion.
To learn more about the Spirited Change Initiative, visit reservebar.com/collections/minority-and-women-owned-wine-spirits-businesses.