22nd April, 2021 by Nicola Carruthers
Mezcal brand Madre has secured US$3 million in funding to launch new products and expand its availability across the world.
The funds were raised through a Series A round, led by New York City-based venture firm Room Nine.
The US$3m will be used to expand Madre’s product range to target new consumption occasions, boost distribution and marketing efforts globally and online, and expand its word-of-mouth campaign.
Chris Stephenson, CEO of Madre, said: “Beyond a great tasting, easy-to-drink mezcal, Madre’s success has been a result of working closely with the communities that have driven word of mouth for the brand.
“For us to expand while continuing this successful path, we needed a partner that recognises the cultural authenticity that fuels our approach.
“With Room Nine, we’ve found a partner that understands the growth opportunities through product, geography and digital expansion, and encourages the brand development through cultural engagement.”
Room Nine founder Anish Bhatia previously led a fundraiser for Los Sundays Tequila, and sit on the brand’s advisory board.
Bhatia believes Madre is “poised to capitalise on the exponential growth of consumer demand in mezcal while building a brand that is authentic to its roots in Oaxaca”.
Bhatia said: “Shifting market trends all point to mezcal as one of the fastest growing spirit categories, with Drizly recently reporting a 600% year-over-year growth in their mezcal sales.
“We’re excited to partner with Madre and believe the brand has the opportunity to become the first true recognised brand in the category.”
Madre Mezcal is available in the US, Canada, and Europe.