London-based VC fund Futurecraft Ventures, with offices in Abu Dhabi and Dubai has announced a significant investment in Lyre’s — a non-alcoholic beverage company garnering global awards and attention, particularly in the Middle East.
Futurecraft estimates the value of its portfolio at about $200 million in capital and has a reputation for identifying start-ups primed for growth. Targeting high-potential start-ups in emerging markets such as the UAE. With a team of serial entrepreneurs at the helm, the fund combines fintech, AR/VR, and crypto expertise to shape the future of multiple industries.
Futurecraft Ventures continues to make strategic investments that align with emerging societal trends. The firm’s portfolio includes Shariah-compliant digital currency Islamic Coin, open-banking solution Monerchy, digital asset exchange Haqqex, and forex trading platform Exfor.
Lyre’s: An Inclusive Solution to an Age-Old Social Issue
Founded in 2019, Lyre’s has snowballed into the world’s leading independent non-alcoholic spirits brand, selling in over 60 countries and stocked in 20 of the world’s top 50 bars. With a team of passionate individuals led by co-founders Mark Livings and Carl Hartmann, the brand took on a mission to change how we socialize and think about beverages.
After years of meticulous crafting, Lyre’s has created an exquisite range of non-alcoholic drinks that retain traditional spirit taste, look, and experience, providing a unique alternative for those who wish to remain sober. Their expanding product line is capable of recreating 90% of the world’s best-selling cocktails.
Lyre’s is positioned as an inclusive drink, giving those that cannot drink alcohol a high-quality alternative. It also offers a unique solution to the societal issues often associated with alcohol. The brand aims to curb the growing trajectory of alcohol-related crimes while ensuring that individuals can still retain the taste of their favourite spirits.
Their enthusiastic customer base showcases the company’s success, with an overwhelming 74% expressing their appreciation for the brand. Lyre’s is also a brand firmly committed to sustainability and social responsibility. The brand only manufactures from four locations to reduce its environmental footprint, all its packaging is 100% recycled, and its products are exclusively vegan, reflecting a dedication to a healthier and more sustainable world.
The company recently raised £18 million in its latest strategic funding round while entering new markets like Qatar, and eyeing other potential MENA regions for investments.
With Gen-Z spending less on alcohol and the average number of drinks consumed by U.S. adults decreasing from 4.0 in 2019 to 3.6 in 2021, the demand for non-alcoholic beverages is rising. Futurecraft’s move to back Lyre’s highlights its commitment to socially conscious investments and aligns with its ethos of supporting ventures that redefine industries, promote social benefit and impact lives.