The phenomenal growth of non-alcoholic brand Lyre’s shows no sign of letting up, after the completion of a $37m funding round, which has the business valued at $500m.
It’s amazing growth for a brand launched just two-and-a-half years ago, and one that is now available in more than 60 countries as well as having partnerships with leading spirits distributors and listings in more than 50 major retailers.
“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.”
In Australia, distribution growth continues to cater for increased demand with key retail partnerships including Dan Murphy’s, David Jones, First Choice, Woolworths, IGA and Coles Local.
In the on-premise Lyre’s non-alcoholic drinks can also be found in some of the Australia’s best venues including AVC Group, ALH Group, Rockpool, Sake, El Camino, Fratelli Fresh, Bavarian, Solotel Group, Applejack Group, Star Entertainment Group, Maybe Sammy, Pearl, Everleigh, Byrdi, Cutler & Co, Marion, Jackalope, Nomad, Rick Shores, Calile Hotel, Pilu at Freshwater, Three Blue Ducks, Will’s and Mimi’s, Longchim, Bert’s, Maybe Mae, Songbird Bar and Lounge, Heritage Wine Bar, Funlab Group and online retailers such as Sans Drink’s and Craft Zero.
This latest funding round was led by new investor, D Squared Capital, alongside existing investor, Morgan Creek Capital Management, with other early backers increasing positions included DLF Venture, VRD Ventures, and Maropost Ventures.
Daniel Grossman, Managing Director of D Squared Capital, said: “The no/low alcohol beverage market is one of the fastest growing markets in F&B and is showing similar characteristics to plant-based milks, meats and other mindful consumer categories. Lyre’s leading product, brand and range of award-winning SKUs have proven that they are the industry leader and we are excited to be backing the best in class company.”
Funds will be used predominantly for marketing, increasing production capacity and increasing headcount, with more than 50 new jobs coming in sales and marketing, production, logistics, finance and e-commerce.
Lyre’s has also established an R&D division in partnership with beverage technology giant Döhler, developing a new product pipeline and ensuring continued innovation in the sector so that products remain best in class.