A local adult beverage accelerator selected a new tequila brand from a former attorney-turned-stay-at-home mom who wanted something to drink that she and her friends would enjoy.
The Chicago startup, Inspiro Tequila, received $100,000 as the winner of Sprout Beverage's Fall 2023 Pitch Day. The incubator and accelerator is part of the Growth Beverage ecosystem that looks to support and help independent beverage brands grow.
Growth Beverage has graduated 20 brands through Sprout, awarding $250,000 of investment. Sprout is one of four beverage companies based in Chicago under the Growth Beverage umbrella. Others include InvestBev, a private equity firm for adult beverages; Algoma Capital, a $100 million credit fund for whiskey makers; and BevStrat, a sales and marketing company.
Brian Rosen, the founder of Growth Beverage whose family had one of the first liquor licenses in Chicago post-Prohibition, aims to celebrate the next generation of liquor innovations through the accelerator program.
Rosen's family stores, formerly Sam's Wines and Spirits, had been a staple in the Chicago area since the 1930s before they were sold to a private equity firm in the early 2000s. They were later sold to Binny's Beverage Depot.
"We've been involved in every celebration in Chicago's history since Prohibition, [including] the Cubs World Series where we did the champagne for the locker room," Rosen told Chicago Inno. "It feels good now — because Chicago and the liquor industry have given so much to my family — to be able to give back in some small way."
The adult beverage space is an extremely competitive one with a failure rate of over 90% for new brands, Rosen added. He said he created the pitch competition to give more young founders a fighting chance.
The three-month-long accelerator focused on product strategy and development, marketing growth, finance and compliance, and leadership development, culminating with a pitch day last Thursday at 1871 in the Merchandise Mart where founders competed for investment.
The fall cohort included a Caribbean chocolate rum created in Trinidad and Tobago, spirits from Vermont's oldest craft distillery and a bourbon created by a retired Navy chief petty officer, among others, with Inspiro Tequila ultimately taking home the top prize.
"I've been a tequila drinker for years — that's my adult beverage of choice," founder and CEO Mara Smith told Chicago Inno. "And I discovered that all the tequila I was drinking contained undisclosed additives like flavoring and sweeteners, so I decided to create my own."
The clean, additive-free tequila first launched in Chicago and has since expanded to five states with plans to expand to additional states next year.
Runner-up Wheyward Spirit also received $50,000 in resources and services from Growth Beverage.
Sprout Beverage is currently accepting applications for its winter cohort, which begins in February.
