Raise represents the largest alcohol-free beer investment in Europe and will be used to grow into the continent's leading independent alcohol-free beer
Lucky Saint, the UK’s leading independent alcohol-free beer, has secured a Series A funding round of more than £10 million, led by the ProVen VCTs, and the fund of innocent smoothie’s founders, JamJar Investments. The round is the largest ever raised by an alcohol-free beer brand in Europe.
Other new and existing investors in the round include Warburtons chairman Jonathan Warburton, and adam&eveDDB co-founders James Murphy and David Golding. They joined Karmarama’s founder, Ben Bilboul, VP of Meta Northern Europe Steve Hatch, Wahaca CEO and co-founder Mark Selby, and Rugby World Cup winner Will Greenwood.
Lucky Saint’s continued success reflects a growing shift in UK drinking culture, with a recent study by KAM finding that 1 in 3 pub visits are now alcohol-free.
The record investment will allow Lucky Saint to consolidate its position as the UK’s largest independent alcohol-free beer, accelerating the distribution of its draught offering and kick-starting planned expansion into Europe.
The funding will also enable a significant expansion of the Lucky Saint team, with several hires already made.
Founded by Luke Boase in 2018, the company has seen revenue sales growth of 180% year-on-year since launching. Lucky Saint is now available in 5000 pubs, bars, and restaurants (including over 60 Michelin-starred venues), as well as major retailers such as Waitrose, Sainsbury's, Tesco, Ocado, Marks & Spencer and Majestic.
This year Lucky Saint is forecasting the biggest Dry January to date, predicting a rise in their sales of over 100% and an increase in Dry Jan participation of 25% to over 10 million people.
Luke Boase, founder and CEO of Lucky Saint, said: "This is a big moment for Lucky Saint. This latest investment will ensure further success for the company in the UK and help us build a globally recognised alcohol-free brand. We all know JamJar's track record in supporting and driving great consumer brands, and with Innocent as their story, we know we've got an exceptional team behind us.
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. We've become the category leader, and the UK largest independent alcohol-free brand, because we've been totally focused on quality. It will remain at the heart of everything we do as we continue our very ambitious growth plans.
We feel 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 1 in 3 pub visits now alcohol-free, we are unbelievably excited that our own pub and brand HQ is launching in central London where it all began 4 years ago. It'll be a chance to showcase the Great British pub and our amazing industry."
Adam Balon of JamJar said: "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. Lucky Saint has responded to this moment with the best product and strongest brand in the category, and we are delighted to back them again.
There is big momentum behind this whole movement, as alcohol-free options increasingly become the first choice in pubs and hospitality. We are so excited for Luke, Emma and their team - we're confident they will deliver on their ambition to be a defining brand that led the charge to a healthier, better way to drink and have fun."
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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