Lyre’s, a leading non-alcoholic spirits brand, has completed a £20m funding round, valuing the business at £270m.
Founded in 2019, the 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 leading spirits distributors and listings with over 50 major retailers. The business is on course to be annualising £50m in revenues by December this year.
Lyre’s was created to replicate the world’s most popular spirits in a non-alcoholic format. The company claims its expanding portfolio of 14 premium non-alcoholic spirits is now 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. We’re not only growing our business – we’re expanding the whole category, entering territories like the Middle East and Far East virtually uncontested,” said Mark Livings, Lyre’s co-founder and CEO.
“The pace of growth we’re seeing is exceptional. 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.”
Lyre’s stated that the new funds will be used predominantly for marketing, as well as growing its headcount, creating more than 50 new jobs in sales and marketing, production, logistics, finance and e-commerce. The company will also continue to co-invest with several manufacturing partners to expand its production capacity in the UK, Germany, Australia, and the US.
