Monday, September 28, 2020

Lyre's Picks Up $11.5M For Non Alcoholic Drinks

Los Angeles-based Lyre's Non-Alcoholic Spirit Co., which develops non-alcoholic drinks which have the flavor--but not the alcohol--of popular spirits, has raised $11.5M in a seed funding round. The funding came from VRD Investment, Doehler Ventures, DLF Venture, Maropost Ventures, and HNWI, along with a number of family offices. Lyre's said the funding comes as it prepares to launch a "ready-to-drink" range of products. Lyre's said it originally launched in July of 2019 in Australia. Lyre's said the seed funding is actually structured as three, separate tranches over 12 months. The startup says its drinks are designed to provide an alternative for those who don't wish to imbibe alcohol while still having the opportunity to enjoy the flavors of their favorite spirits.