By Peter Roberts
Most of us have probably seen Lyre’s non-alcoholic spirits in the supermarket and wavered the price – starting at around $ 45 a bottle for a fake gin, whiskey, or rum.
But this British company – which also manufactures in Australia – shows that innovation, timing and product quality in manufacturing can be just as lucrative as the latest app or the idea of ââpaying up front.
(And who would waste their time in these industries when we can do things …)
Lyre’s just closed a Â£ 20million fundraiser, valuing the company at Â£ 270million and solidifying its position as the most valued brand in the alcohol free / low alcohol category.
The company is less than two and a half years old, but has quickly moved to sell in over 60 countries and develop a range of 14 alcohol-free spirits that combine to create nine out of 10 of the world’s favorite cocktails.
The company recently added a line of ready-to-drink premixed non-alcoholic cocktails and has a turnover of Â£ 50million per year.
Apparently 20 percent of the population does not drink alcohol, so the company sells to those who want to enjoy the complex flavors that accompany fermented, brewed and distilled products.
Lyre’s can’t be as successful if it’s essentially cordials, so their products need to have at least some of the complexity of the real thing.
It’s a bit like ethyl vanillin, the most important element in vanilla. But the chemical itself is crude and by no means comes close to the incredible complexity of reality.
Lyre’s was created to reproduce the world’s most popular spirits and appears to have achieved this goal, and is now reaping the pioneer advantage in this rapidly growing segment.
Most of the funds raised will go to marketing, but the company will also continue to co-invest with manufacturing partners to expand production capacity in the UK, Germany, Australia and the US.
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