Lyre worth over £ 100million as it raises additional funds for growth | New

Non-alcoholic spirits start-up Lyre’s has been valued at over £ 100million after receiving additional funding of £ 5million to continue its expansion into the rapidly growing low and non-alcoholic category.

The company plans to use the new funds to strengthen its overseas presence from 43 countries currently to 60 by the end of the year, as well as to invest in its manufacturing capabilities in the UK, in Europe and the United States, and to help prepare for the reopening. in the global hospitality industry as restrictions ease

The ‘seed-plus’ fundraiser precedes a major funding round slated for later in the year and follows a £ 9million investment in the company in September last year. It brings the total raised by Lyre to over £ 15million in three rounds since it started trading in 2019.

Lyre’s is on track to achieve annualized sales of over £ 35million by the fourth quarter of 2021 thanks to double-digit monthly revenue growth, with direct-to-consumer sales currently accounting for nearly half of the activity.

It comes as consumers continue to flock to the low and alcohol-free, with grocery sales in the category up 51% to £ 217.1million last year, according to The latest report from The Grocer on the sector. [Kantar 52 w/e 21 February 2021].

Lyre CEO and co-founder Mark Livings said: “It’s really exciting to get past the £ 100million valuation milestone in two years of trading.

“The demand for non-alcoholic beverages and the growth of mindful consumption are exploding.”

He added that millennials drink 20% less than their parents at the same age and that consumers are also making healthier choices.

“Lyre’s has built a brand under the most challenging market conditions and, as we position the company on the threshold of the hospitality resurgence, our goal is to be ubiquitous in all major markets so that no matter what. who anywhere can say, ‘make my drink a Lyre’s,’ he added.

Lyre’s portfolio of 13 non-alcoholic spirits was recently expanded to include three ready-to-drink variants, which were launched in the United States, Asia and Oceania, followed by launches in the United Kingdom and Europe.

Major institutional investors introduced in the latest funding round include US firms Morgan Creek Capital Management and Bitburger Ventures, which join existing investors DLF Venture, VRD Ventures, SFO GmbH, Maropost Ventures and Döhler Ventures.

Mark Yusko, CEO and founder of Morgan Creek Capital, said the company was targeting a non-alcoholic spirits company for its investment portfolio.

“With a wide range of non-alcoholic spirits and RTD drinks, we believe Lyre’s is well positioned to capture the huge growth in global demand in this category,” he added.

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