Lucky Saint nets record-breaking investment for zero-alcohol beer
16 Jan 2023 --- Lucky Saint has secured over US$12.2 million in investment in a series A funding round, marking the first time a non-alcoholic beer has raised such a high amount in Europe. Investments were led by venture capital companies Beringea and Innocent Smoothie founders JamJar Investments.
New and existing investors included Wahaca CEO Mark Selby, Warburtons chairman Jonathan Warburton, adam&eveDDB co-founders James Murphy and David Golding, Karmarama founder Ben Bilboul and Rugby World Cup player Will Greenwood.
UK-based Lucky Saint CEO Luke Boase outlines the company’s plans for the cash injection, which focus on expanding into Europe while growing its team and solidifying its UK base.
“This latest investment will ensure further success for the company in the UK and help us build a globally recognized alcohol-free brand,” says Boase.
Boase believes “We’ve just scratched the surface of this opportunity.”
“This investment will kickstart our launch into European markets and put more Lucky Saint in pubs up and down the UK. And with one in three pub visits now alcohol-free, we are excited that our pub and brand HQ is launching in central London, where it all began four years ago.”
Spotlight on cultural shifts
Adam Balon, founder of JamJar, is excited to continue investing in Lucky Saint.
“We have loved being part of Lucky Saint’s growth story since working with them in 2021. Their journey is part of a massive cultural shift with consumers as our relationship with alcohol is undergoing big and irreversible change,” he says.
“There is big momentum behind this whole movement, as alcohol-free options increasingly become the first choice in pubs and hospitality.”
Boase notes Lucky Saint’s success in tapping into the UK’s growing consumer demand for zero-alcohol options.
“Over half of the UK want to moderate their alcohol consumption. More people than ever before are looking for a great-tasting alcohol-free beer,” he explains.
Designated drivers of success
With Dry January well underway, this investment comes alongside Lucky Saint’s second year as ‘The Official Beer of Dry January’ in partnership with Alcohol Change UK. The zero-alcohol market is led mainly by Generation Z, who seek zero-alcohol alternatives in social gatherings, motivated by health and wellness concerns associated with alcohol consumption.
Major brewers are taking note of this shift toward teetotalism and responding by releasing zero-percent versions of their leading brands. Asahi recently unveiled an alcohol-free take on its main product, following suit with similar moves by Guinness and Heineken.
Such moves come in the wake of the beer industry hitting several roadblocks, with beer prices rising due to rising production costs, crop yields dropping in the face of climate change and consumers buying less during the cost of living crisis.
By James Davies
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