Alcohol-free beer brand Lucky Saint has secured what it claims is a “record-breaking” £10m investment.
The Series A funding round – claimed to be the “largest ever” raised by an alcohol-free beer brand – was led by consumer and technology growth investor Beringea and venture capital company JamJar Investments.
JamJar is headed up by Innocent co-founders Richard Reed, John Wright and Adam Balon, and former Innocent commercial category manager Katie Leviten.
Other investors in the round included: Warburtons chairman Jonathan Warburton; Adam & Eve DDB co-founders James Murphy and David Golding; Karmarama founder Ben Bilboul; Meta VP for Northern Europe Steve Hatch; Wahaca CEO and co-founder Mark Selby; and ex-England rugby union player Will Greenwood.
Lucky Saint said it would use the funds to “consolidate its position as the UK’s largest independent alcohol-free beer”, accelerate the distribution of its draught offering, and kick-start an expansion into Europe.
It also plans to expand its team and open a dedicated Lucky Saint pub at its headquarters in central London later this month.
The success of the round reflected “a growing shift in UK drinking culture”, it said.
It comes as the business forecasted “the biggest Dry January to date” next month, and a 25% increase in participation to over 10 million people.
According to Lucky Saint CEO and founder Luke Boase, this was “a big moment” for the business.
“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.”
JamJar’s Balon said he had “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.”
It comes after the brand became the first official beer of Dry January in 2022, launching a co-branded mass sampling campaign with Alcohol Change UK over the month, handing out over 100,000 bottles in various locations across the UK, and encouraging shoppers to download the Try Dry app.