A North Carolina startup has landed growth capital and a big celebrity backer: Comedian Seth MacFarlane.
Next Century Spirits, a spinout from Anavo Technologies, now has more cash and prestige to help grow one of its newest products, Bear Fight American Single Malt Whiskey.
The startup, with offices in Raleigh and a production facility in Zebulon, has been steadily growing since its founding in 2018. It recently raised nearly $2 million.
MacFarlane, the comedian perhaps best known for the television series "Family Guy," now has what co-CEO Anthony Moniello describes as a “big minority stake” in the Bear Fight brand. MacFarlane will be involved with the brand’s campaigns and advertising efforts, Moniello said.
The partnership was born after MacFarlane was introduced to the whiskey independently and had his team reach out for samples – leading to Bear Fight pitching the partner deal, Moniello said.
Next Century Spirits has several product lines, including Caddy Clubhouse Cocktails, Creek Water American Whiskey, Sesh, Hape Sake, TruthTeller Bourbon and Body Vodka.
The company partners with outside distillers and then uses its patented technology to optimize the cask-finishing and filtration process. The production of its brands is done in a 22,000-square-foot facility in Zebulon.
The Bear Fight brand launched last March in North Carolina and has entered about one state a month since then, growing to 27 markets total. By the end of the year, Bear Fight will be sold in around 35 states, Moniello said.
To fund the brand’s expansion, the company closed $1.9 million from its initial seed round.
Valedor Partners, a Houston-based venture capital and private equity firm, led the round.
The round also featured Matthew Bronfman, a chairman at Next Century Spirits and the grandson of the founder of The Seagram Company.
“Being back in the alcohol business was always a personal goal for me, especially with my family ties to the industry,” Bronfman said in a press release tied to the financing announcement. “I started investing in Next Century Spirits because of its visionary production process – with Bear Fight we can truly see the power of Next Century Spirits technology shine.”
Bear Fight has already clenched several awards, including a double gold accolade at the San Francisco World Spirits Competition and a best-in-category award at the 2022 World Whiskey Competition. The whiskey has notes of candied pecans, ripe apples, sweet sherry and a hint of Islay-style peat smoke.
The company is planning to raise additional funding for the Bear Fight brand in the future, though Moniello declined to give a specific target.
The company was aiming for between $1.8 million and $2.2 million for the initial round.
Next Century Spirits is a $13 million to $15 million business, Moniello said. He’s expecting the company to see triple digit growth.
The company has around 50 employees now, up from 18 two years ago, he said.
Over the next few months, Next Century Spirits will be focused on growing its current brands. But new brands will be launching in 2024 and beyond, Moniello said.
The deal with MacFarlane marks the third celebrity partnership for Next Century Spirits. The company has previously worked with musician Yelawolf and golfer Greg Norman.
