Lyre’s raises £18m and names new CEO

Non-alcoholic ‘spirits’ producer Lyre’s has raised nearly £18 million (US$22.9m) through a funding round, and appointed Paul Gloster as its new CEO.

Australian brand Lyre’s has completed its latest ‘strategic’ funding round, which was led by investors DSquared and Morgan Creek Consumer Fund, and supported by existing shareholders.

The funds will be used to ‘drive momentum’ in key markets, such as Australia, North America, Europe and the Middle East.

The alcohol-free producer said it had continued to see ‘extraordinary’ year-on-year growth in all major markets.

Lyre’s claims to sell one bottle every 30 seconds in more than 60 countries across multiple channels.

The multi-million-pound funding round will enable the firm to meet global production and inventory demands.

Greg Bundy, Lyre’s chairman, said: “Now, with the support of our investing partners, we can provide additional resources, improved manufacturing, and infrastructure to support our valued customers around the world.”

The Lyre’s range includes 18 non-alcoholic ‘spirits’, eight ready-to-drink cocktails and an alcohol-free sparkling wine. All products are vegan and fully recyclable.

The brand is available in 5,000-plus venues in Australia and New Zealand, including Quantas Lounges and Accor Hotels, as well as major retailers.

New CEO

Gloster, who is Lyre’s current chief marketing officer, will become CEO of the company. He will take over the position from founder Mark Livings.

Gloster has overseen growth for the company in the US, and joined Lyre’s when it was founded in 2019.

Lyre’s said Gloster has been key to delivering the company’s ‘outstanding’ growth, brand health and equity position.

He previously worked for Coca-Cola Amatil in Australia and Pacific Beverages.

“I am humbled to be given the opportunity to lead Lyre’s into a new chapter of growth and build upon our vision of changing the way the world drinks,” said Gloster.

“Our new expanded leadership structure ensures accountability across all our strategic priorities and business functions. 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.”

Lyre’s secured £9m (US$11.5m) in funding in 2020 and was valued at more than £100m (US$138.7m) in 2021.

The alcohol-free producer gained more than 1,000 new bar and restaurant listings in the UK during the first quarter of 2022.

In 2023, Lyre’s also partnered with Alcohol Change UK’s Dry January campaign and the Dry July Foundation.