Non-alcoholic spirits brand Lyre’s has been valid at almost $140 million after finishing its latest seed-plus funding round. The valuation has been achieved in under 24 months of trading, and makes Lyre’s the most valuable independent alcohol-free spirit brand to date, according to the company.
Lyre is currently available in 43 countries and has reported double-digit revenue growth month to month. The brand forecasts to exceed $49 million this fiscal year.
“It’s truly exciting to travel through the £100m valuation milestone within two years of trading,” said Mark Livings, Lyre’s co-founder and CEO. “The demand for non-alcoholic drinks and growth in mindful drinking is exploding. The no and low-alcohol category already accounts for 3% of the total beverage market and is projected to grow by 31% by 2024.
“Alcohol consumption is reducing, with millennials drinking 20% 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.’”
Lyre’s looks to use its latest investment to accelerate its global expansion with a goal to reach 60 countries by the end of 2021. On top of that, the company will use the funds to increase its existing product research and development capabilities, boost product inventory, and invest further into manufacturing capabilities.
“Our consumer opportunities fund is excited to be a lead investor in this round of financing for Lyre’s,” said Mark Yusko, CEO and founder of Morgan Creek capital. “We targeted a non-alcoholic ‘spirits’ company as one of our core investments and Lyre’s met our criteria of a world-class management team with great tasting products and a strong brand in high growth mode.
“With a large product range of non-alcoholic ‘spirits’ and RTD [ready-to-drink] beverages, we believe Lyre’s is well positioned to capture the tremendous growth in global demand in this category.”
For more information on the brand and its various offerings, head over to its official website.
