SINGAPORE, 12 JULY 2019 – Proof & Company, the independent spirits company headquartered in Singapore, today announced that it has closed a growth capital round totalling SGD 11 million led by Aglaia Family Office. A significant portion of the round was taken up by the company’s existing investors. With this closing, Proof & Company has become one of Asia Pacific’s most valuable independent spirit companies.
The funding will support the growth of the group’s APAC spirits distribution platform, including continued team development in Australia and China, along with inventory expansion at the company’s stock hubs in Singapore, Shanghai and Melbourne. The funding will also support the company’s innovation initiatives, such as JERRY, its SaaS-based hospitality education service, and True Believers, its vehicle for developing and distributing affordable craft spirit brands.
“Proof & Company’s disruptive approach to independent spirits is experiencing nearly unlimited growth opportunities. Consumer markets across APAC continue to develop at an extraordinary pace and regional preferences are coming to align with global preferences. This investment will allow us to deepen our distribution in the region while allowing our innovation initiatives to gain broad market access,” said Spencer Forhart, Chairman of Proof & Company.
Over the past year, Proof & Company has grown its team from 70 to 100, opened an office in Shenzhen, and completed the integration of its Neat Spirits Australia and Neat Spirits New Zealand acquisitions. Building on this momentum, the company will now use this funding to increase inventory levels across the region and reinforce what has become the sector’s only APAC-wide platform for independent spirit brands.
“Proof & Company has positioned itself as one of the leading independent spirits companies in APAC. We are excited to support the business as it continues to capture the strong growth we are witnessing in the craft and premium spirit segments, ” said Patrick O’Regan, Head of Investments at Aglaia Family Office.
“Proof & Company has developed an innovative business model with strong growth potential. JPJ Invest is very comfortable with this investment. “, noted J. Peter Jessen, Chairman and CEO of JPJ Invest Pte Ltd, who will also join the Board of Directors as an outside director.
About Aglaia Family Office
Aglaia is a capital markets-licensed multi-family office headquartered in Singapore. Founded in 2006, Aglaia provides bespoke family office services to ultra high net worth families, trusts, and foundations across the globe. Aglaia adopts an endowment approach to investing, establishing a bespoke portfolio that will preserve and grow capital through generations. Aglaia’s infrastructure and resources are dedicated to sourcing and evaluating the best investment ideas and opportunities across public and private markets globally. For more information, visit: www.aglaiaim.com
About JPJ Invest
JPJ Invest is a member of the Jebsen & Jessen Family Enterprise. Established in January 2016, it serves as an investment platform providing a home for SME businesses without any geographical or industry sector restrictions. JPJ Invest is focused on both active and passive investments in businesses with impeccable standards and governance, solid track records and transparent business models. The team at JPJ Invest are comfortable to take on responsibilities and provide guidance to the businesses it invests in, both at board level and on an individual project basis.