Australian-born non-alcoholic spirit firm Lyre’s is celebrating the completion of its newest funding spherical, pulling in practically £18 million ($34 million) to assist bolster its provide chain and international stock.
Led by worldwide buyers DSquared and Morgan Creek Shopper Fund, the newest increase noticed current buyers tip extra funds into Lyre’s as a present of confidence within the firm that’s capitalising on the demand for premium non-alcoholic drinks.
The profitable funding spherical was capped off with the appointment of Paul Gloster as CEO – a reward for his work in serving to Lyre’s development.
“I’m humbled to be given the chance to steer Lyre’s into a brand new chapter of development and construct upon our imaginative and prescient of fixing the way in which the world drinks,” Gloster stated.
“Our new expanded management construction ensures accountability throughout all our strategic priorities and enterprise features. I’m excited to work with such a succesful and passionate group that’s energised and able to lead the enterprise into our subsequent thrilling stage.”
Lyre’s was fashioned in Australia in 2019 and has gone on to develop into probably the most recognised and celebrated non-alcoholic spirits corporations on the planet, selecting up awards in spirits competitions in London, San Diego, and San Francisco.
With its newest increase, Lyre’s will look to safe its international provide chain, boosting manufacturing and stock shares because it strives to fulfill rising demand.
Non-alcoholic spirits, cocktails, wines, and beers are having a second as folks come to phrases with the well being implications of alcohol however nonetheless wish to benefit from the occasional tipple.
On Thursday evening non-alcoholic cocktail firm Bare Life raised $3 million on crowdfunding platform Birchal because it seems to be to develop into the US and UK whereas sustaining its dominance of the Australian market.
Earlier this 12 months we noticed Byron Bay drinks startup Organica Beverage Co launch devoted non-alcoholic model Dayse.
Over the past 4 years, Lyre’s has saved rising because it topped up funding with $16 million, $9 million, and was valued at $500 million in 2021.
The corporate’s chairman Greg Bundy stated Lyre’s success has totally been a results of the group working laborious behind the scenes.
“I’m not solely grateful to every of them, however I’m actually impressed by their uncompromising ardour and dedication to altering the way in which the world drinks,” Bundy stated.
“Take our provide chain leads, who’ve labored tirelessly to ship our manufacturing efforts globally.
“Now, with the help of our investing companions, we are able to present further sources, improved manufacturing, and infrastructure to help our valued prospects world wide.”
Lyre’s donates 100 per cent of the gross sales from its Pink London Spirit gin alternative to the McGrath Basis.