Lyre’s latest funding round raised almost £18 million (AU$34.6m). It was led by DSquared and Morgan Creek Consumer Fund, which oversaw the brand’s 2021 valuation increase to $500 million.
The demand for Lyre’s non-alcoholic range was recently acknowledged across the industry, and was recognised as the world’s number one trending non-alcoholic brand by Drinks International. This did not go by unnoticed by consumers and investors, with the brand continuing to see climbing year-on-year growth in all major markets.
Lyre’s launched its non-alcoholic spirits range in 2019, consisting of 18 alcohol-free classic spirits, five RTDs, followed by a non-alc sparkling wine released in 2021. Last year it released Australia’s first non-alcoholic whisky-style beverage, Highland Malt.
The recent round of funding will be used to continue driving momentum in key markets, such as Australia, North America, Europe and the Middle East.
In response to this funding milestone, the business has up weighted the leadership team’s collective expertise.
After an extended period overseeing the growth in the US market, CMO Paul Gloster has taken the baton as CEO. Gloster has been with Lyre’s since its inception and has been instrumental in delivering the company’s year-on-year growth, brand health and equity position.
“I am humbled to be given the opportunity to lead Lyre’s into a new chapter of growth and build upon our vision of changing the way the world drinks.
“Our new expanded leadership structure ensures accountability across all our strategic priorities and business functions. I am excited to work with such a capable and passionate team that is energised and ready to lead the business into our next exciting stage,” said Gloster.
The recapitalisation will drive the company through its next pivotal stage of growth and importantly this investment will see a more enhanced global supply footprint for Lyre’s.
Lyre’s senior VP of global marketing Kristy Bloomfield said that like many start-ups, managing hyper-growth across the globe has tested the availability of Lyre’s, so the funding would improve the brand’s ability to meet global production and inventory obligations to customers.
“It is an exciting time for the brand as the more and more people choose Lyre’s as reflected in our exceptional growth. Consumers across ANZ can now enjoy a Lyre’s in 5000+ venues including Qantas Lounges, Accor Hotels, all major retailers, and the leading restaurants across ANZ.
“We are delivering programmes and tactics that are introducing a wider audience into the category, which in turn aids in our ambition to change the way the world drinks. For example, the brand is proud to be an official partner of the Dry July Foundation for the second year running, continuing our commitment to raise money for people impacted by cancer. Lyre’s as a brand, may be the number one trending brand but we are proud to stand for so much more,” said Bloomfield.
Lyre’s chairman Greg Bundy said the company’s success was a testament to the dedication and resilience of its team.
“I am not only grateful to each of them, but I am inspired by their uncompromising passion and commitment to changing the way the world drinks, like our supply chain leads, who have worked tirelessly to deliver our manufacturing efforts globally.
“Now, with the support of our investing partners, we can provide additional resources, improved manufacturing, and infrastructure to support our valued customers around the world,” said Bundy.
