Lixir secures £1.1m investment
Premium tonic and mixer brand Lixir has received £1.1 million (US$1.3m) in funding to support its expansion plans.
Lixir was founded in 2018 as a crowdfunded brand by bartending duo and friends Matt Mahatme and Jordan Palmer.
The company has since launched in 18 markets.
Palmer said: “After making it through a challenging couple of years for the trade, we’re thrilled that this new investment will allow us to really scale the brand – for us that looks like investing in new team members and activating the brand to reach as many new consumers as possible.”
The funding has been provided by new strategic investors and existing backers, including ex-commercial director for Diageo Chris Ellis.
The brand saw 160% growth last year, which it largely credits to its distribution deal with Molson Coors Beverage Co in April 2021.
Mahatme added: “We have a huge festival season lined up and this investment has enabled us to ensure that is the best possible representation of our brand, and we’ll also be rolling out a bespoke bottle and updated label design to further premiumise the range.”
As well as a focus on expansion, Lixir will also look to boost its sustainability. The brand is already carbon neutral, and is working towards achieving B-Corp status by the end of the year.
Ellis commented: “Closing the latest round of fundraising is a fantastic achievement for Matt and Jordan. The business is now set to catapult into the next stage of its development, as we work towards building further in the on-trade and growing into new market segments in the UK and export markets. An exciting time for the whole team.”
Palmer spoke to The Spirits Business in March to discuss how brands must build a holistic “planet-positive approach” in their business strategies, and that sustainability is no longer confined to just reducing carbon footprints.
In 2019, the tonic and mixer producer expanded its export team and named three non-executive directors.