Distill Ventures

Distill Ventures is a London-based drinks industry accelerator and venture fund founded in 2013 by Shilen Patel and Frank Lampen, backed by Diageo, the world's largest premium spirits company. Over its decade of operation, Distill deployed approximately £245 million and funded 35-plus startups across alcoholic and non-alcoholic categories — from early-stage brand development through growth-stage investment. CEO Heidi Dillon leads the firm. Investment sizes ranged from £250,000 to over £10 million, and the firm leads rounds in its portfolio companies. The partnership model was designed with a clear exit logic: Diageo funded startups while Distill provided hands-on brand-building expertise, with acquisitions as the intended outcome for successful graduates. Notable exits bear this out — Seedlip (pioneering non-alcoholic spirits, acquired 2019), Kikori (Japanese rice whiskey, 2018), Belsazar (German vermouth, 2018), Mr Black (Australian cold brew coffee liqueur, 2022), and Ritual Zero Proof (acquired 2024). The current portfolio includes whisky brands Starward, Westward Whiskey, Stauning Whisky, Kanosuke, and Fielden Whisky. In 2021, Distill launched a Pre-Accelerator program committing more than $10 million to entrepreneurs from underrepresented communities. In March 2025, Diageo announced it would no longer bring new brands into the program, effectively winding down new investment activity. A smaller team continues managing existing portfolio investments, ensuring brands that graduated from the program receive ongoing support through their development.