Beer maker Constellation Brands announced that it will invest $100 million in the next ten years in business ventures owned and led by women entrepreneurs that will help it make and market products that resonate with women and enhance its talent pipeline. The firm’s venture capital division called Constellation Brands Ventures (CBV) has started a project called Focus on Female Founders which will provide funding and mentoring to women led startups from Constellation Brands. This CBV Division will target emerging alcohol and related brands that have high potential founders said chief growth officer of Constellation Brands Mallika Monteiro.
The Focus on Female Founders will do the same for firms led by women. This parameter will give CB access to a hitherto untapped talent pool as several times female entrepreneurs are ignored by investors. Also women that design and launch innovative alcoholic beverages will help to give Constellation a better insight into types of alcoholic beverages that women want. The group already has a broad stable of alcohol brands like Corona and Modelo beers to Casa Noble tequila followed by Svedka vodka and several varieties of wines. Several of these brands appeal to women like Kim Crawford wine while some others attract both men and women.
But the firm has to keep innovating to stay ahead of competition as till recently most beer companies were concentrating their marketing efforts on men but now are thinking about selling to women. Beverage Digest executive editor Duane Stanford said that beer industry had to spend almost a decade to help them understand taste and preference of women and Constellation Brands would be better equipped to capture interest of women as it has a wide portfolio. Constellation till date has invested in two women led alcoholic drink based startups called Austin Cocktails and Vivify Beverages. While the former makes low calorie natural ingredients based cocktails in bottles the latter makes Italian soda mixed with real fruit juice and alcohol spritzers.