Diageo’s drinks accelerator Distill Ventures made a minority investment in Ritual Zero Proof, its first U.S.-based non-alcoholic brand. Founded in Chicago in 2019, Ritual offers a gin alternative and whiskey alternative product.
Ritual will continue to run its business independently, as well as retain majority ownership of the company by its founders and current investors. The investment will help drive the company’s growth in the U.S. by supporting its entry into retail and boosting its direct-to-consumer business.
Ritual is the first U.S.-based non-alcoholic brand in Distill Venture’s portfolio, but non-alcoholic brands currently make up 25% of its international portfolio.
Source: PRnewswire