Non-alcoholic spirits brand, Lyre’s, has announced the closure of its latest strategic funding round, successfully raising over £17 million.
Lyre’s says that the round, led by investors DSquared and Morgan Creek Consumer Fund, will help the brand meet accelerating global demand, driving momentum in key markets such as Australia, North America, Europe and the Middle East.
The investment is set to enhance the company’s global footprint, improving its ability to meet global production and inventory obligations to customers.
Lyre’s chairman Greg Bundy said: “Lyre’s success is a testament to the dedication and resilience of their team. I am not only grateful to each of them, but I am honestly inspired by their uncompromising passion and commitment to changing the way the world drinks. Take our supply chain leads, who have worked tirelessly to deliver our manufacturing efforts globally. Now, with the support of our investing partners, we can provide additional resources, improved manufacturing, and infrastructure to support our valued customers around the world.”
Kristy Bloomfield, senior VP of global marketing at Lyre’s, added: “It is an exciting time for the brand as the more and more people choose Lyre’s as reflected in our exceptional growth…We are delivering programmes and tactics that are introducing a wider audience into the category, which in turn aids in our ambition to change the way the world drinks.”
Lyre’s new CEO Paul Gloster
The company also announced that CMO Paul Gloster has taken on the position of CEO. Gloster had been chief marketing officer since Lyre’s launch in 2019 and previously held positions at Coca-Cola Amatill as group strategy manager and Pacific Beverages as CMO. Gloster replaces Lyre’s co-founder Mark Livings.
A spokesperson for Lyre’s said: “Gloster’s beverage expertise and industry experience will not only enable him to drive the business forward, but also allow Livings to step back from the day to day running of the business and focus on his future ambitions”.
Gloster said: “I am humbled to be given the opportunity to lead Lyre’s into a new chapter of growth and build upon our vision of changing the way the world drinks. Our new expanded leadership structure ensures accountability across all our strategic priorities and business functions. I am excited to work with such a capable and passionate team that is energised and ready to lead the business into our next exciting stage.”
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