LOS ANGELES — Lyre’s Non-Alcoholic Spirit Co. secured $11.5 million in seed funding, the largest material investment on record for the booze-free category, the company said.

Launched in 2019, the Australia-based company offers 13 non-alcoholic spirits in more than 30 markets worldwide, both on and off premises. Lyre’s has focused on the direct-to-consumer segment during the coronavirus (COVID-19) pandemic, resulting in more than 400% monthly recurring revenue growth since January, the startup said.

The seed round was structured to be completed in three tranches over the course of an initial 12-month trading period. Major participants in the round included VRD Investment, Doehler Ventures, DLF Venture, and Maropost Ventures.

“Rapid growth positions the Lyre’s brand for continued success and leadership with high quality non-alcoholic alternatives in one of the fastest-growth consumer brand categories in the world,” said Mark Livings, co-founder of Lyre’s Non-Alcoholic Spirit Co. “Our business anticipates and matches the trends of the consumer and culture and our current product innovation is being developed to match alcohol spirit flavors and styles.”

Funds will go toward portfolio growth, market expansion and product innovation, including the upcoming launch of Lyre’s ready-to-drink range, set to debut in the fourth quarter of 2020.

“The investors we’ve brought into this business see value well beyond the short- to medium-term impacts of the global pandemic and will bring significantly more value beyond their participation from a capital perspective,” said Carl Hartmann, co-founder of Lyre’s. “The next year demarcates our business evolution from a startup to a true multi-national beverage company, with manufacturing in multiple global locations, compliance for new markets and continued recruitment firmly at the top of our task list.”