Lyre’s, the world’s leading independent non-alcoholic spirits brand, has completed a seed-plus funding round valuing the business at over GBP100 million (HKD1.08 billion), crowning it as the most valuable independent brand to date in the rapidly expanding no/low alcohol spirits category. This milestone has been achieved in under 24 months of trading, during which time Lyre’s has become the most widely distributed non-alcoholic spirits brand – now available in 43 countries – generating double-digit monthly revenue growth with annualised sales on course to exceed GBP35 million (HKD378.2 million) by the fourth quarter of 2021.
Lead institutional investors introduced in this funding tranche, Lyre’s third round since inception, include US-based Morgan Creek Capital Management (early-backers of Alibaba, SpaceX, Lyft, Drizly NinjaVan and Allbirds) and Bitburger Ventures (the investment arm of the German brewing dynasty). These enterprises join existing investors, DLF Venture, VRD Ventures, SFO GmbH, Maropost Ventures and Döhler Ventures, all of which have followed on or increased positions in this round.
Lyre’s plans to use the funds raised for four purposes: to accelerate geographic expansion with target of 60 countries by end of 2021, build on existing product research and development capabilities, increase product inventory as the global hospitality sector reopens, and further invest in the company’s UK, European and American manufacturing capabilities.
With consumer demand for mindful choices of food and beverage growing, 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. A frictionless swap of a Lyre’s non-alcoholic spirit for the original alcoholic ingredient delivers the benefits of a premium sophisticated non-alcohol drink without any compromise. The expanding Lyre’s portfolio of 13 premium non-alcoholic spirits is capable of crafting 90% of the world’s best-selling cocktails.
The Lyre’s proprietary production method ensures the brand can continue to scale and roll out at pace. The business is currently entering an average of one new market per week and has already launched in difficult-to-enter markets such as Mainland China, gaining a strong first-mover advantage. As a digital-first brand, direct-to-consumer sales currently account for a significant 48% of revenue, while Lyre’s has also gained quality global partnerships and menu placements in an increasing number of the World’s 50 Best Bars and World’s 50 Best Restaurants, such as Caprice Bar at Four Seasons Hotel Hong Kong, and iconic ATLAS, Manhattan, and Tippling Club bars in Singapore.
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