Lyre’s secures AU$16m investment to lead global non-alcohol spirit growth

25-09-2020

Lyre’s Non-Alcoholic Spirit has concluded its latest seed round funding, securing a total of AU$16 million (US$11.3 million) in growth capital. This business injection accelerates Lyre’s vision of changing the way the world drinks, and provides ongoing investment for core product growth, category innovation and new market expansion.

Despite a challenging 2020, Lyre’s has focused on the direct-to-consumer segment, and delivered over 400% monthly recurring revenue growth since January, the company reported. The fast-growing category is being matched by fast-paced innovation with Lyre’s creating 13 products since launch and many more slated for the next six months.

Mark Livings, CEO and co-founder of Lyre’s, commented: “Our business anticipates and matches the trends of the consumer and culture and our current product innovation is being developed to match alcohol spirit flavours and styles. Lyre’s was created to shake up the drinks category and put the choice back into the consumer’s occasion to drink freely.

“The next year demarcates our business evolution from a start-up to a true multinational beverage company, with manufacturing in multiple, global locations, compliance for new markets and continued recruitment firmly at the top of our task list.”

Major participants in the seed round include VRD Investment, Doehler Ventures, DLF Venture and Maropost Ventures with a number of European, American and Australasian family offices and HNWI also participating.

Carl Hartmann, fellow co-founder of Lyre’s, added: “The investors we’ve brought into this business see value well beyond the short to medium-term impacts of the pandemic, and will bring significantly more value beyond their participation from a capital perspective. Good companies with strong fundamentals and market offerings can always raise money, even in challenging times.”