SpaceX Investor Backs Lyre’s as Demand for Sober Liquor Soars
- Producer of non-alcoholic spirits valued at $360 million
- Low- and no-alcohol drink market grew almost 10-fold last year
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Lyre’s, a producer of non-alcoholic spirits that mimic the taste of rum and whiskey, has closed a funding round with backing from several venture firms including Morgan Creek Capital Management, an early investor in Alibaba Group Holding Ltd and SpaceX.
The Series A round values Lyre’s at 270 million pounds ($360 million), up from a valuation of 100 million pounds earlier this year. The investment of 20 million pounds will primarily finance marketing expenses and the hiring of about 50 new employees as drinkers emerge from pandemic-induced lockdowns and return to bars and restaurants, Mark Livings, chief executive officer of Lyre’s, said in an interview.