Non-alcoholic spirits brand Lyre’s has closed a £20 million funding round valuing the business at £270 million, as it looks to continue its exponential growth.
Founded in 2019, Lyre’s now claims to be the most valuable brand in the no/low alcohol category worldwide. Lyre’s produces 14 non-alcoholic spirits, including gin, vermouth, rum and Bourbon.
The funding was led by D Squared Capital, alongside Morgan Creek Capital Management and others.
The investment will primarily finance marketing expenses and create over 50 new jobs in sales, marketing, production, logistics, finance and e-commerce.
Mark Livings, Lyre’s co-founder and CEO, said: “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 the Far East virtually uncontested.”
Last year, Lyre’s secured a £9 million seed funding round to lead global non-alcoholic spirit growth.
© FoodBev Media Ltd 2021
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