Diageo backed the company from launch in 2013 and in the ensuing years has acquired Ritual Zero Proof, Mr Black, Seedlip, Kikori and Belsazar through the partnership.
It is understood that the move has resulted in job losses.
A spokesperson from Diageo said: “Following more than ten successful years partnering with Distill Ventures to nurture and scale emerging spirits brands, we have undertaken a strategic review of our approach to early-stage, venture investments.
“Moving forward, Diageo will not be bringing in any new brands into the Distill Ventures programme, whilst a smaller Distill Ventures team will remain in place to manage a reduced number of existing investments.”
At present, the Distill Ventures portfolio is made up of five whisky brands – Starward, Westward Whiskey, Stauning Whisky, Kanosuke and Fielden Whisky – with ten more in its pre-accelerator program.
Last month, Diageo reported an organic sales growth of 1% in the first half of its current financial year, thanks in part to strong performances from Guinness and Don Julio.
The return to the black followed slight declines across the company’s previous financial year.
At February’s CAGNY 2025 in Orlando, Florida, members of the Diageo senior executives outlined the company’s focus on “delivering long-term sustainability growth”.
Chief financial officer, Nik Jhangiani outlined the company’s four priorities as to “drive balanced sustainable top-line growth”, “deliver better operating leverage”, “maximise free cash flow” and “optimise returns across the business by focusing on what we can control and manage”.
In December, it was announced that Distill Ventures global whisky director Vishal Patel would be leaving the company to join James Gin as chief executive.
