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Next Century Spirits Closes USD6m Series C

Next Century Spirits has completed a USD6 million Series C fundraising round led by private equity firm the Blue Hill Group. Since its inception in 2018, the Raleigh-based full-service spirits producer has raised capital from various private investors and angel networks including the Wolfpack Investor Network and Carolina Angel Network.

Next Century Spirits offers unmatched blending expertise to support private brands or labels and bulk suppliers interested in producing customised spirits concepts through its patented post-distillation finishing and filtering technology. Funding of Next Century Spirits follows industry recognition as “Best of Category Rum 2020” by the American Distilling Institute (ADI) for its entry of Exalted Gold Rum in April. As market changes and global effects of COVID-19 created volatility, Next Century Spirits exhibited resiliency and strengthened trust among the company’s customers and stakeholders by producing and selling hand sanitiser.

“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,” says Scott Bolin, CEO of Next Century Spirits. “We proactively supported communities and local distilleries and breweries by shifting the use of our equipment to produce medical-grade hand sanitiser at a multi-state level including small businesses, medical facilities and military organisations.”

The latest funding will support Next Century Spirits in its expansion of staffing and production infrastructure to meet the industry’s growing need of a “one-stop-shop” for a wide range of spirits across a breadth of price offerings.

“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,” says Board member Steve Lerner of the 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.”

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