Non-alcoholic spirits company, Lyre’s Non-Alcoholic Spirit Co, has announced the successful closure of seed round funding, securing a total of £9m in growth capital.
This significant 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.
The non-alcoholic category is rapidly emerging with huge growth experienced globally and in the UK in the last 12 months driven by health, lifestyle and responsibility factors across all age groups.
Despite a challenging 2020, Lyre’s has focused on the direct-to-consumer segment and delivered over 400% monthly recurring revenue growth since January 2020, exceeding all forecasts the company had previously set.
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, Lyre’s CEO and Co-founder said: “This growth positions the Lyre’s brand for continued success and leadership with high quality non-alcoholic alternatives in one of the fastest-growth consumer brand categories in the world.
“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 social occasion to drink freely. The recognition from the multiple, respected, international award competitions shows we clearly have something that is resonating.
“The next year demarcates our business evolution from a start-up to a true multi-national beverage company, with manufacturing in multiple, global locations, compliance for new markets and continued recruitment firmly at the top of our task list. We’ll need all aspects of our plan to come together, delivered by a great team of people with the Lyre’s esprit de corps to grow our leadership position in the non-alcoholic spirits category.”
The seed round was structured to be completed in three tranches over the course of an initial twelve-month trading period, a necessary process to ensure the business was sufficiently capitalised to support what Livings describes as ‘planned, lightning- fast growth with controlled capital consumption’.
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.