Non-alcoholic drinks brand Lyre’s secures funds to expand into new markets

Australian non-alcoholic drinks brand Lyre’s has secured an investment of £9m ($11.4m) in a seed funding round to foray into new markets.

The capital raised in the funding round is allegedly the largest in the non-alcoholic spirits segment.

VRD Investments, Doehler Ventures, DLF Venture and Maropost Ventures joined the funding round.

Lyre’s CEO and co-founder Mark Livings said: “This 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.

“Our business anticipates and matches the trends of the consumer and culture and our current product innovation is being developed to match alcohol spirit flavours 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 have something that is resonating.”

The company intends to use the investment to fast-track product growth, category innovation and expansion into new markets.

Since its inception, the company developed 13 products and is planning to launch expand its offerings with the addition of new beverages over the next six-months with plans to foray into the ready-to-drink (RTD) market.

Livings added: “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’ll 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.”