MAXBLACK Billionaire of the Week: Fawn Weaver
October | 21st | 2024 - Written by Avis Jones-DeWeever, Ph.D.
Fawn Weaver, Founder and CEO of Uncle Nearest, the Fastest growing whisky brand in American history takes the throne as this week’s MAXBLACK Billionaire of the Week. Giving a nod to “Nearest” Green, the formerly enslaved man who taught Jack Daniel how to make whisky, Fawn grew her company from start-up to a Forbes estimated valuation of $1.1 Billion in just seven years.
And she did it her way.
Instead of going the traditional route to secure venture capital or private equity, Weaver raised $225 million from 163 individual accredited investors, each contributing an average of $500,000. This unique raise gave the company the capital it needed in it’s earliest stages to best position itself for success.
Still, Weaver maintains control of her business, as each investor holds no more than a 2.3% stake in the company compared to her 40% stake and the 80% voting rights she shares with her husband.
As big names like Beyonce and LeBron James are now entering this market, Weaver recently went viral by providing her own unique take on advice.
Simply put, when referencing her new competitors’ Moët Hennessy partnerships she simply stated, “Take ALL their money.”
Now that’s how you regulate, like a BOSS.