Non-alcoholic spirits maker Lyre’s has completed its latest “strategic” funding round, raising nearly $34.5 million led by investors DSquared and Morgan Creek Consumer Fund and its existing shareholders.
Founded in 2019, Lyre’s Non-Alcoholic Spirits is a range of 18 alcohol-free classic spirits, eight ready-to-drink cocktails and non-alcoholic sparkling wine.
Experiencing “extraordinary” year-on-year growth, Lyre’s said the investment would help expand its global supply footprint and “drive momentum” in key markets such as Australia, Europe, North America and the Middle East.
The company claims to sell one bottle every 30 seconds in more than 60 countries across different channels.
Kristy Bloomfield, senior VP at Lyre’s, said the company is delivering programs and tactics to introduce the non-alcoholic category to a wider audience.
“It is an exciting time for the brand as more and more people choose Lyre’s, as reflected in our exceptional growth,” said Bloomfield.
“Consumers across ANZ can now enjoy a Lyre’s in 5000+ venues including Qantas Lounges, Accor Hotels, all major retailers, and the leading restaurants across ANZ.”
Following the seed funding round, Lyre’s appointed former chief marketing officer Paul Gloster as its new CEO, taking over from founder Mark Livings.
“Our new expanded leadership structure ensures accountability across all our strategic priorities and business functions,” said Gloster.
“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.”
Gloster joined Lyre’s since its establishment in 2019, overseeing growth for the company in the US. The company said he was key to delivering the company’s “outstanding growth”, brand health, and equity position.
He also previously worked for Coca-Cola Amatil in Australia and Pacific Beverages.
