{"id":853,"date":"2020-07-20T12:11:16","date_gmt":"2020-07-20T16:11:16","guid":{"rendered":"https:\/\/research.ncsu.edu\/win\/?p=853"},"modified":"2023-11-20T21:57:42","modified_gmt":"2023-11-21T02:57:42","slug":"a-hrefbrewing-success-story-with-6m-funding-next-century-spirits-preps-for-post-pandemic-world","status":"publish","type":"post","link":"https:\/\/research.ncsu.edu\/win\/a-hrefbrewing-success-story-with-6m-funding-next-century-spirits-preps-for-post-pandemic-world\/","title":{"rendered":"Brewing success story: With $6M funding, Next Century Spirits preps for post-pandemic world<\/a>"},"content":{"rendered":"

DURHAM \u2013<\/strong>\u00a0Next Century Spirits, the Durham-based company bringing technology that slashes time to produce whiskeys, rum, and other spirits, is looking for larger production facilities, says CEO Scott Bolin.<\/p>\n

The 20-employee company that recently closed a $6 million C round from a number of Triangle investment entities, has outgrown its current facility, Bolin said in an exclusive interview with WRAL TechWire. \u201cWe\u2019re hiring. We\u2019re looking at beefing up our production and R&D staff.\u201d<\/p>\n

\u201cIt\u2019s been a weird year,\u201d Bolin said. For a time, the company pivoted from producing spirits to making hand sanitizer. \u201cWe saw a real need. We\u2019re still making a little sanitizer, but we\u2019re mostly back to whiskey.\u201d<\/p>\n

The company, founded in 2018, raised $3.6 million from\u00a0 Blue Hill Group in Chapel Hill that year.\u00a0 It gained Seagram heir Matthew Bronfman, who has an interest in the Blue Hill Group, as chair in the process. The Blue Hill Group also led the most recent round. \u201cBronfman\u2019s family connections in the spirits industry go back three generations,\u201d Bolin said. \u201cIt\u2019s led to some conversations. He has a big Rolodex.\u201d<\/p>\n

Bolin, a serial entrepreneur, taught English four years before going to business school and earning an MBA at North Carolina State University then changing gears. He sees similarities to teaching, however.<\/p>\n

\u201dA lot of what I do is getting people from point A to Point B by the end of class,\u201d he explained.<\/p>\n

\u201dNow I\u2019m an addict (to entrepreneurship) and my sweet spot is bringing new products to market. \u201d<\/p>\n

\n

Scott Bolin. Photo courtesy of Next Century Spirits.<\/p>\n<\/div>\n

IDEA EVOLVED FROM TETHIS<\/h5>\n

Bolin previously led Tethis, a company developing a disruptive technology for the diaper industry. At Tethis, discussions of other potential uses for the spongy material it developed led to the company splitting in two. Bolin became CEO of Anavo Technologies, which was formed to explore other technologies. Next Century Spirits was its first spinout.<\/p>\n

The idea actually originated with a Tethis advisor, Bolin said. He was interested in whiskey, bourbon, and alcohol. Bolin co-founded the company with Joel Pawlak, an NC State University Associate Professor of Forest Biomaterials.<\/p>\n

Traditional distilling is both time-consuming and requires using a lot of oak wood, often killing 100-year-old trees to make spirit aging barrels. In many cases, virgin barrels are required by law. In addition to an unsustainable use of wood, the traditional aging process requires storage space and leads to evaporation of some of the products, which cuts into profits. \u201cIt\u2019s a complex industry,\u201d Bolin said.<\/p>\n

The Next Century Spirits technology can add oak-aging qualities to spirits in less than a day via a patented process. \u201cWe like to call it a filtering and finishing technology,\u201d Bolin said. \u201cWe use wood chips created for the wine industry.\u201d The process not only saves time, it uses far less wood than traditional methods.<\/p>\n

TECHNOLOGY PARTNER TO MAJOR INDUSTRY OPERATORS<\/h5>\n

The company\u2019s disruptive technology is explained in a\u00a0FAQ<\/a>\u00a0on its\u00a0website.<\/a>\u00a0 It says, \u201cWe can maximize the retention of wood components such as vanillin, syringaldehyde, cinnemaldehyde, and whiskey lactones. These create flavors of vanilla, toasted oak, cinnamon, coconut.<\/p>\n

\u201cDuring the natural reaction phases of our process, we can help push the reaction of harsh, carboxylic acids to their more desirable esterified forms, creating fruity and aromatic notes of apple, pear, and pineapple, among others. During the filtration phase of the process, we help reduce undesirable components such as methanol, isopropanol, and sulfuric compounds, which can create off-flavors in the distillate and are considered generally unhealthy.\u201d<\/p>\n

The company sells the use of its technology to industry clients. It\u2019s a technology partner to major operators in the distilled spirits market. Using state-of-the-art systems, the company produces spirits for a variety of beverage products, from craft brands to large, bulk blends.<\/p>\n

It also makes a number of its own brands. Most recently, its rum won Best in Category in the prestigious American Spirits Institute competition, beating out 116 other entries. \u201cWe\u2019ve won 20 metals, but this was the first Best in Category,\u201d Bolin said.<\/p>\n

RAP AND HIP HOP PERFORMER A PARTNER<\/h5>\n

Another of its brands, which it co-owns with hip hop, rap and southern rock performer Yelawolf, Creek Water, a 100-proof whiskey, has also won a number of awards. Yelawolf, whose real name is Michael Wayne Atha, is very entrepreneurial, Bolin said. \u201cHe also owns a clothing store. He has a large fan base. He\u2019s the largest shareholder and promotes it. He was in on the development of flavors and design. He\u2019s a great partner.\u201d<\/p>\n

It sells for $24.99 and is available in ABC stores. \u201cA new cinnamon-flavored version will be coming out,\u201d Bolin said.<\/p>\n

Bolin thinks more entertainers will invest in entrepreneurial ventures. \u201cAfter George Clooney sold his tequila brand for $1 billion in 2018, I think we\u2019ll see more of it going forward\u201d<\/p>\n

He adds that the mostly local investors in his startups, including university angel groups, have been willing to fund disruptive technologies, taking on traditional industries like diapers and whiskey. \u201cIt\u2019s also great when they want to be helpful as well as write you a check.\u201d<\/p>\n

Now, Bolin noted, \u201cWe\u2019re looking at our strategy in a post-COVID world. It\u2019s going to be a big year as we revamp with travel restrictions, a large number of people coming on board and everything else. We\u2019ve been really fortunate. There are a lot of really smart talented people in the Triangle.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

DURHAM \u2013\u00a0Next Century Spirits, the Durham-based company bringing technology that slashes time to produce whiskeys, rum, and other spirits, is looking for larger production facilities, says CEO Scott Bolin. 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