In this special episode of the Drinks Adventures podcast, we look at the recent capital raising for Lyre’s Non-Alcoholic Spirits valuing the business at $500 million AUD.
This valuation has been achieved in less than two and a half years of trading for the Australian company founded in Sydney in 2019.
It’s now on track to become the fastest independent beverage brand to reach Unicorn status, meaning a valuation in excess of 1 billion US.
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There’s been no shortage of naysayers about the concept of non-alcoholic spirits and I’ll admit to being a little sceptical when Lyre’s founder Mark Livings first told me what he had planned.
He says the latest funding milestone is clear evidence that non-alcoholic spirits are here to stay.
“Millennials and older Gen Zs are drinking less alcohol than any generation before them, but the mindful drinking movement transcends generations and cultural borders,” he says.
“We’re not only growing our business – we’re expanding the whole category, entering territories like the Middle East and Far East virtually uncontested.
“The pace of growth we’re seeing is exceptional. We sold our first bottle in 2019 and today we’re selling one at least every 30 seconds.”
The fledgling company has entered more than 60 countries, securing partnerships with the world’s leading spirits distributors and listings with over 50 major retailers.
The business is on course to be annualising £50 million in revenues by December this year.
Lyre’s was created to replicate the world’s most popular spirits in a non-alcoholic format, each as close to the original premium volume spirit as possible.
Its expanding portfolio of 14 premium non-alcoholic spirits is capable of crafting 90 per cent of the world’s best-selling cocktails and is complemented by a recently launched range of ready-to-drink pre-mixed non-alcoholic cocktails.