Alcohol-free ‘spirit’ brand Lyre’s has been valued at more than £100 million (US$138.7m) after completing its latest seed-plus funding round.
The valuation, achieved in under 24 months of trading, makes Lyre’s the ‘most valuable’ independent non-alcoholic ‘spirit’ brand to date, the company said.
Available in 43 countries, Lyre’s has reported double-digit revenue growth month on month, and forecasts sales to exceed £35m (US$48.6m) this fiscal year.
Mark Livings, Lyre’s co-founder and CEO, said: “It’s truly exciting to travel through the £100m valuation milestone within two years of trading. 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.’”
The investment will be used to accelerate the group’s global expansion, with an aim to reach 60 countries by the end of 2021.
Furthermore, the funds will help Lyre’s to increase its existing product research and development capabilities, and boost product inventory as the on-trade reopens worldwide.
It will also be used to invest further in the brand’s UK, European and American manufacturing capabilities.
Lyre’s is currently entering an average of one new market each week and is already available in markets notorious for being more difficult to navigate, such as Mainland China.
Mark Yusko, CEO and founder of Morgan Creek capital, said: “Our consumer opportunities fund is excited to be a lead investor in this round of financing for Lyre’s.
“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.”
Lyre’s reported a 1,300% increase in UK retail sales in January 2021 compared with January 2020.
In September last year, Lyre’s secured £9m (US$11.5m) in funding to accelerate its expansion into new markets.