Uncle Nearest Officially Surpasses $1B Valuation, According To Reports

Uncle Nearest, the fastest-growing American whiskey brand, is now $1.1 billion, according to Forbes.

Launched by Fawn Weaver in 2016, Uncle Nearest Premium Whiskey has rapidly gained global recognition. The brand was established to honor “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey.

As of November 2023, Weaver had raised $225 million in individual support. According to Forbes, the business is backed by 163 individual investors, each contributing an average check of $500,000.

“The most difficult thing in starting any business. It’s always the capital,” Weaver told AFROTECH. “Nobody really wants to invest until you’re already successful, but you can’t get successful without the investment.” 

She continued, “So, creating a way for me to raise money that didn’t include VC or PE or institutional lending and chasing after them, and having them meet to produce all these documents that most companies don’t even have until they’re 5 or 6 years old. I’m like, ‘Look, I’m not gonna do this. I’m gonna find enough individuals of high net worth who are accredited investors who are willing to back my vision, who are willing to believe in me, but will stay out of my way. They will help me, but they will not hinder me.’ And I raised over $225 million with individuals only.”

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With a presence in over 30,000 stores, bars, hotels, and restaurants across 12 countries, Uncle Nearest Premium Whiskey is expanding its reach. The business also boasts a 432-acre distillery in Shelbyville, Tennessee, and a recently acquired 100-acre property in Cognac, France.

The distillery in Shelbyville includes a history walk, four tasting areas, the world’s longest bar (518 feet), an outdoor music venue, an aging barn, a barbecue restaurant, and a snack shack.

Individual investors do not own more than a 2.3% stake in Uncle Nearest, and employees (some of whom are Nearest Green’s descendants) own less than 3%. This works in Weaver’s favor as she maintains control of the business with a 40% stake and 80% of the voting rights alongside her husband, Keith.

“Fawn consistently demonstrates exceptional leadership, long-term vision, and resilience, which are all critical traits for a successful founder,” billionaire Byron Trott, who invested personally, told Forbes.

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Scaling Uncle Nearest For The Future

Additionally, Uncle Nearest’s rise over the years is obvious in its logistics, with Forbes estimating its valuation at $1.1 billion, making it the fastest-growing whiskey brand in American history. Moreover, the company is on track to reach $100 million in revenue for 2024 and has tripled its sales since 2021.

Since she and her husband Keith have no children, Weaver plans to eventually bequeath the business to Nearest Green’s descendants. She’s already funding scholarships for them, hoping that family leaders will emerge to lead the distillery’s next chapter.

“I’m going to build it large as h-ll. When I pass it on, I don’t want it to be a $10 billion company. I want it to be a $50 billion company,” Weaver mentioned to Forbes. “I am never going to profit on Uncle Nearest. I’ve known it from day one. I’m raising up their family.”