By Edward Devlin2021-05-05T12:12:00+01:00
A non-alcoholic Negroni using three of Lyre’s 13-strong range
Non-alcoholic spirits start-up Lyre’s has been valued at more than £100m after receiving £5m in top-up funding to continue expansion in the rapidly growing low & no alcohol category.
The business plans to use the new funds to boost its presence overseas from 43 countries currently to 60 by the end of the year, as well as investing in its manufacturing capabilities in the UK, Europe and the US, and helping to prepare for the reopening of the global hospitality sector as restrictions ease.
The ‘seed-plus’ fundraising comes ahead of a major funding round planned for later in the year and follows a £9m investment in the business in September last year. It takes the total raised by Lyre’s to more than £15m over three rounds since it began trading in 2019.
5th May 2021
Lyreâs, one of the worldâs leading independent non-alcoholic spirits brands, has completed a seed-plus funding round valuing the business at over £100m amid a rapidly expanding no/low alcohol spirits category.
This milestone has been achieved in under 24 months of trading, during which time Lyreâs has become one of the most widely distributed non-alcoholic spirits brands â now available in 43 countries â generating double-digit monthly revenue growth with annualised sales on course to exceed £35m by the fourth quarter of this year.
Lead institutional investors introduced in the latest funding tranche – Lyreâs third round since inception – include US-based Morgan Creek Capital Management (early-backers of Alibaba, SpaceX, Lyft, Drizly NinjaVan and Allbirds) and Bitburger Ventures (the investment arm of the German brewing dynasty). These enterprises joined existing investors, DLF Venture, VRD Ventures, SFO GmbH, Maropost Ventures
Good Morning!
It’s that time of year again when investors minds turn to the old adage, “Sell in May and go away.”
May to October is traditionally a weak period for stocks, hence the maxim advising investors to take their money out and return in the fall.
This year with markets roaring to new records and the TSX up 10% to start the year and up 70% from the lows of March, 2020, many investors are thinking now might be a good time to take their money and run.
They might want to think again, says BMO Capital Markets chief investment strategist Brian Belski.
The gains in commodities such as lumber, copper and crude oil could boost inflation in the second quarter, Yusko warned. I think the inflation numbers are going to spook people a lot, he said. If you think about the reason sell in May and go away exists, if you hold from May till October, you usually lose a little bit of money. You make all your money in a normal year on the tail ends on the other sides.
Higher interest rates or capital gains taxes could exacerbate the problem and accelerate the rotation out of growth stocks and into value names, he said.
The gains in commodities such as lumber, copper and crude oil could boost inflation in the second quarter, Yusko warned. I think the inflation numbers are going to spook people a lot, he said. If you think about the reason sell in May and go away exists, if you hold from May till October, you usually lose a little bit of money. You make all your money in a normal year on the tail ends on the other sides.
Higher interest rates or capital gains taxes could exacerbate the problem and accelerate the rotation out of growth stocks and into value names, he said.