Australian-born non-alcoholic spirit company Lyre’s is celebrating the completion of its latest funding round, pulling in nearly £18 million ($34 million) to help bolster its supply chain and global inventory.
Led by international investors DSquared and Morgan Creek Consumer Fund, the latest raise saw existing investors tip more funds into Lyre’s as a show of confidence in the company that is capitalising on the demand for premium non-alcoholic drinks.
The successful funding round was capped off with the appointment of Paul Gloster as CEO – a reward for his work in helping Lyre’s growth.
“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,” Gloster said.
“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.”
Lyre’s was formed in Australia in 2019 and has gone on to become one of the most recognised and celebrated non-alcoholic spirits companies in the world, picking up awards in spirits competitions in London, San Diego, and San Francisco.
With its latest raise, Lyre’s will look to secure its global supply chain, boosting production and inventory stocks as it strives to meet growing demand.
Non-alcoholic spirits, cocktails, wines, and beers are having a moment as people come to terms with the health implications of alcohol but still want to enjoy the occasional tipple.
On Thursday night non-alcoholic cocktail company Naked Life raised $3 million on crowdfunding platform Birchal as it looks to expand into the US and UK while maintaining its dominance of the Australian market.
Earlier this year we saw Byron Bay drinks startup Organica Beverage Co launch dedicated non-alcoholic brand Dayse.
The company’s chairman Greg Bundy said Lyre’s success has fully been a result of the team working hard behind the scenes.
“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,” Bundy said.
“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.”
Lyre’s donates 100 per cent of the sales from its Pink London Spirit gin alternative to the McGrath Foundation.