Non-alcoholic spirits brand Lyre’s has completed a $38 million funding round in the UK, valuing the business at $514 million.
Founded in 2019, this valuation has been achieved in less than two and a half years of trading, during which time Lyre’s has entered more than 60 countries and secured partnerships with the world’s leading spirits distributors and listings with more than 50 major retailers.
Lyre’s was created to replicate the world’s most popular spirits in a non-alcoholic format, each as close to the original premium volume spirit as possible.
The Lyre’s expanding portfolio of 14 premium non-alcoholic spirits is capable of crafting 90% of the world’s best-selling cocktails and is complemented by a recently launched range of ready-to-drink pre-mixed non-alcoholic cocktails.
“Millennials and older Gen Zs are drinking less alcohol than any generation before them, but the mindful drinking movement transcends generations and cultural borders,” says Mark Livings, Lyre’s co-founder and CEO.
“We’re not only growing our business – we’re expanding the whole category, entering territories like the Middle East and Far East virtually uncontested.
“We sold our first bottle in 2019 and today we’re selling one at least every 30 seconds. On our current trajectory, Lyre’s is set to become the fastest independent beverage brand to reach Unicorn status.”
The funding round was led by new investor, D Squared Capital, alongside existing investor, Morgan Creek Capital Management (early backers of Alibaba, SpaceX, Lyft, Drizly NinjaVan and Allbirds). Other early backers increasing positions included DLF Venture, VRD Ventures, and Maropost Ventures.
Funds will be used predominantly for marketing, having established a global footprint of 60 countries, as well as to significantly grow headcount, creating more than 50 new jobs in sales and marketing, production, logistics, finance and e-commerce.
Lyre’s will also continue to co-invest with several manufacturing partners to expand production capacity to meet demand across its facilities in the UK, Germany, Australia, and the US.
In New Zealand, distribution growth continues to cater for increased demand with key retail partnerships including Countdown, New World, Farro Fresh, Glengarry’s, Liquor Land, Super Liquor and Bottle-O.
On-premise, Lyre’s non-alcoholic drinks can also be found in some of the New Zealand’s leading bars and restaurants including Ahi, Gochu, The Grove, Bozzo, Clipper, Elmos, QT Hotel – Rooftop Bar & Esther Restaurant, 1947, One Tree Grill, The Bavarian, Non Solo Pizza, VT Station, Kong, Casa Publica, Mr Brightside, Austin Club, The Karaka Kitchen, Ma Maison Restaurant and Bar, Terrace Tavern, Cortada Restaurant and Bar, Clink Restaurant and Bar, Botanic, Hali, Boo Radley’s, The Last Word, Dux Dine, Cork Bar, The Boat Shed Café and Canyon Brewing.
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