PROOF & Company, a Singapore-headquartered spirits distributor and consultancy, has closed a fundraising round totalling S$11 million to finance its continued expansion in the Asia-Pacific (APAC).
The growth-capital round was led by Singapore’s Aglaia Family Office, with a significant portion taken up by existing investors, Proof & Company said in a media statement on Wednesday.
The firm distributes independent spirits brands, cocktail ingredients, bar tools and glassware across APAC, and also provides education and consulting services.
The latest funding will support the growth of its APAC-wide spirits distribution platform. This includes continued team development in Australia and China, along with increasing inventory levels at its stock hubs in Singapore, Shanghai and Melbourne.
The fresh capital will also fund innovation initiatives, such as Jerry, the firm’s SaaS-based (software-as-a-service) hospitality education service, as well as True Believers, its vehicle for developing and distributing affordable craft spirit brands.
Spencer Forhart, chairman of Proof & Company, said: “This investment will allow us to deepen our distribution in the region while allowing our innovation initiatives to gain broad market access.”
A spokesman told The Business Times that the firm is expected to exceed the annual revenue milestone of S$50 million in the next few months, and foresees a sustained annual growth of over 50 per cent for years to come.
Aglaia’s head of investments, Patrick O’Regan, said: “We are excited to support Proof & Company as it continues to capture the strong growth we are witnessing in the craft and premium spirit segments.”
J Jessen, chairman and chief executive officer of Singapore-based JPJ Invest, will join Proof & Company’s board of directors as an outside director. “Proof & Company has developed an innovative business model with strong growth potential, and JPJ is very comfortable with this investment,” Mr Jessen said.
JPJ Invest is a member of the Jebsen & Jessen Family Enterprise. It serves as an investment platform for small and medium enterprises without geographical or industry sector restrictions.
Aglaia Family Office is a capital markets-licensed multi-family office headquartered in Singapore. It provides bespoke services to ultra high net worth families, trusts and foundations across the globe.
In the past year, Proof & Company has grown its team from 70 to 100, opened an office in Shenzhen, and acquired peer distributors Neat Spirits Australia and Neat Spirits New Zealand. It has offices in five countries.
The company’s founders also created craft cocktail bar 28 HongKong Street in Singapore, which has made the World’s 50 Best Bar list seven times.