Next Century Spirits secures funding to expand capabilities
Private equity-owned spirits producer Next Century Spirits has closed its latest round of fundraising, bringing in $6 million in its Series C financing. The Blue Hill Group-owned company has been around since 2018, working to offer its full-service process and expertise to support private brands and bulk suppliers via its post-distillation and filtering technology.
In addition to private investors, the company secured funding from such angel networks as Wolfpack Investor Network and Carolina Angel Network. Scott Bolin, CEO of the Raleigh, N.C.-based company, said that the funding highlights confidence Next Century Spirits’ business model, which during the pandemic has grown to also include hand sanitizer production.
"Our team is elated to secure a funding milestone during this global pandemic; our continued growth and future growth prospects have not gone unnoticed by investors," Bolin said. "We proactively supported communities and local distilleries and breweries by shifting the use of our equipment to produce medical-grade hand sanitizer at a multi-state level including small businesses, medical facilities and military organizations."
The company said the funding would be focused toward expanding staffing and production infrastructure to cement it as a one-stop choice for a wide range of spirits at various price points.
"I am continually impressed with Next Century's ability to provide high-quality spirits through its proprietary technology which is uniquely positioned for continued growth in the industry," said board member Steve Lerner, who is founder and managing partner of Blue Hill Group. "The company has established a foothold in the market as startups and established brands alike look to innovation for a more diverse product portfolio to scale their business."
In its two years in business, Next Century Spirits products have been recognized by various organizations, most recently earning the “Best of Category Rum 2020” award in April from the American Distilling Institute for its Exalted Gold Rum.