LOS ANGELES, CA – Lyre’s Non-Alcoholic Spirit Co., the world’s most awarded line of non-alcoholic spirits and a key player in the emerging segment, has secured a total of $11.5 million (USD) in growth capital at the close of seed round funding, the largest material investment on record to date for the booze-free category.
Since its launch in July 2019, the Australia-based company has moved into a position of global leadership in the non-alcoholic spirits space, pre-empting and responding to changing consumer demands and drinking behavior. The Lyre’s portfolio currently includes 13 products with availability in over 30 markets worldwide, both on and off-premise, arguably the most widely distributed non-alcoholic spirits line internationally. The funding accelerates Lyre’s mission to change the way the world drinks and provides ongoing investment for portfolio growth, market expansion, and product innovation.
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 capitalized to support planned, lightning-fast growth. Major participants in the seed round include VRD Investment, Doehler Ventures, DLF Venture, and Maropost Ventures, with several European, American, and Australasian family offices and HNWI also participating.
“Rapid 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,” says Lyre’s co-founder Mark Livings. “Our business anticipates and matches the trends of the consumer and culture and our current product innovation is being developed to match alcohol spirit flavors 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.”
Despite navigating the impact of the global pandemic, Lyre’s focused on the direct-to-consumer segment resulted in over 400% monthly recurring revenue growth since January 2020, exceeding all forecasts the company set. Driven by health, lifestyle and responsibility factors across all age groups, the brand is poised to have a strong final quarter with the launch of the Lyre’s Ready-To-Drink range, expanding the opportunity for people to explore sober curiosity with increased convenience.
“The investors we’ve brought into this business see value well beyond the short to medium-term impacts of the global pandemic and will bring significantly more value beyond their participation from a capital perspective,” says Lyre’s co-founder Carl Hartmann. “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 will 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. With many more releases and innovations already slated to be introduced worldwide, I can’t wait to see what we can do in our next 12 months.”
For more information, visit Lyres.com and follow the brand on Instagram at @LyresSpiritCo.
About Lyre’s Non-Alcoholic Spirits
Launched in Australia in July 2019, Lyre’s Non-Alcoholic Spirits is a range of 13 alcohol-free classic spirits, created using a unique understanding of food science and flavor architecture. The company was founded by multi award winning serial entrepreneurs Mark Livings and Carl Hartmann, with the mission to provide an alternative to those who don’t wish to imbibe alcohol without sacrificing the flavors of their favorite spirits.
Lyre’s is the most decorated non-alcoholic spirit brand globally, receiving 10 medals at the London International Spirits Competition, 11 medals at the 2020 San Diego International Wine & Spirits Challenge and 10 awards at the 2020 San Francisco World Spirits Competition. The collection was also honored at the 2019 SommCon’s Concours d’Spirits competition presented by Somm Journal, where Lyre’s Aperitif Rosso received a double gold when tasted against its alcoholic counterparts – a first for the non-alcoholic spirits category. Lyre’s is currently available in Australia, New Zealand, the United States, the United Kingdom, Hong Kong, Singapore, China and throughout Europe with additional countries launching every month. For more information, visit www.lyres.com and follow the brand on Instagram at @LyresSpiritCo.
About Lyre’s CEO & Cofounder, Mark Livings
Multi-award winning, serial entrepreneur and the creator of non-alcoholic drinks brand, Lyre’s, Mark Livings brings his extensive experience as a prominent consumer goods industry professional to the business. In 2016, Mark recognized an emerging trend where consumers opted for no or low alcohol drinks options and after three years of development, Lyre’s was borne out of Mark’s vision to offer consumers the freedom to drink their favorite drink, their way.
Prior to founding Lyre’s, Mark started and scaled several multimillion dollar companies in the marketing services sector, providing multinational CPG clients with marketing, advertising, logistics and fulfilment, print, merchandise production and consumer brand creation, most visibly with Australia’s The Kinetic Agency and BrandLink, both of which have received multiple awards and have been recognized by industry authorities such as the Australian Financial Review for the last four years as one of Australia’s fastest growth companies.
In 2018, Mark was nominated and progressed to the Australian EY Entrepreneur of the Year Award Finals. Mark proudly sits on a multiple of advisory boards in Australia, is a Director of the Aussie Founders Network and an Executive Board Member of the Queensland Olympic Council.
About Lyre’s Cofounder, Carl Hartmann
Carl Hartmann is a prominent, multi-award winning Australian serial entrepreneur, who is best known for his work in co-founding Temando, a logistics software platform, Compono a HR tech platform and Lyre’s Non-Alcoholic Spirit Co, and his involvement as an investor and board member and advisor to a range of leading technology companies around the world. Carl is also the adjunct Professor of Entrepreneurship & Innovation at the University of Queensland (the leading Australian University and a top 50 global university); Serves as a Non-Executive Director on a several boards and has won a number of awards including the IBM Global Entrepreneur of the Year Australia, Asia Pacific and global runner up amongst others.
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