Australian non-alcoholic spirits producer Lyre’s has completed a $179 million seed-plus funding round, making it one of the fastest growing brands in the low and no-alcohol spirits category.
The funds will be used to continue Lyre’s presence globally to 60 countries (available in 43 countries currently), build on existing product R&D capabilitie, increase product inventory and further invest in the company’s UK, European and American manufacturing capabilities.
Lyre’s co-founder and CEO Mark Livings said it was an exciting time to reach the $179 million valuation milestone within two years of trading.
“The demand for non-alcoholic drinks and growth in mindful drinking is exploding. The no and low alcohol category already accounts for three per cetn of the total beverage market and is projected to grow by 31 per cent by 2024,” said Livings.
“Alcohol consumption is reducing, with millennials drinking 20 per cent less than their parents at the same age, and consumers are making healthier choices across a number of indulgent food and beverage categories without having to compromise on taste and social experiences.”
“Lyre’s has built a brand in the most challenging of market conditions and as we position the business at the threshold of the hospitality resurgence, our goal is to be ubiquitous in all major markets so that anyone, anywhere can say: ‘make my drink a Lyre’s’.”
Investors part of this funding round included US-based Morgan Creek Capital Management, Bitburger Ventures, as well as existing investors DLF Venture, VRD Ventures, SFO GmbH, Maropost Ventures and Döhler Ventures.
Lyre’s direct-to-consumer sales currently account for 48 per cent of its revenue, while the brand has also made global partnerships with names such as WeightWatchers, British Airways and United Airways, as well as retailers and iconic venues worldwide.
Lyre’s says its expanding portfolio of 13 premium non-alcoholic spirits “is capable of crafting 90% of the world’s best-selling cocktails”. It has also released three new read-to-drink variants in Australia, the US, Asia, and aims for the UK and Europe launches in the coming months.