Naked Life launches equity raise

Naked Life Non-Alcoholic Spirits is going public for the first time with a Birchal equity raise. Money raised will go towards accelerating its grocery channel growth and replicating this success in other channels and countries. 

Naked Life was named the fastest growing company in Australia in 2022 by The Australian Financial Review’s Fast 100. The value of the alcohol-free market in Australia is already more than $152 million and is forecast by IWSR to rise at a rate of 31% a year, until at least 2024.

The company started as an experiment in founder David Andrew’s kitchen in 2016 and has grown from $400K to almost $13 million in revenue in just three years and now outsells its nearest competitor by three times.

“I started Naked Life to overhaul my own life and we will now capitalise on our number one positioning and take on the world so our impact on people’s health can be even greater,” said Andrew.

“Our customers love Naked Life because the cocktails taste like the real deal. We’ve benchmarked them against practically everything out there in the world and nothing comes close. We understand the mindset of people who drink non-alc and low-alc and that’s why our fanbase continues to grow exponentially.

“People don’t just drink; they sip a rum, they nurse an espresso martini, or they debate the finer nuances of an Italian red. Naked Life keeps you part of the party when you just don’t feel like alcohol.

“The Global NoLO market is valued at $14.7 billion, and are striking now with this capital raise so we can build on our success and scale quickly. We’d be nothing without our loyal customers, which is why we want them to share in our success. When you consider 71% of Aussies are now increasing their non-alcoholic intake, an investment in Naked Life is a no brainer.”

The idea for Naked Life came when the former business analyst decided to give up sugar as part of a health kick. He hated the soft drink options that were being sold in Australia and decided to start making his own. His sugar-free sodas, iced teas and tonics were launched with moderate success.

As Andrew started to reduce his alcohol intake, he realised there was no low calorie options in the cocktail space. This saw him develop a full range to meet his customer’s needs – and that’s when the brand really took off in 2020. 

“Our sales went nuts – we had the right product at the right time,” said Andrew.

“Naked Life was riding Australia’s post-lockdown sobriety wave. Woolworths trialled us with four cocktails in five stores initially. Four weeks later that grew to 50 stores, which quickly grew to 800 stores within six months. We now have 15 products across Coles and Woolworths stores around Australia and have grown from $400,000 to almost $13 million in revenue in just three years.

“We keep pinching ourselves because our little Aussie start-up is now outselling brands like Heineken & Gordons! 

“And that’s just the start. Now we’re working on conquering other huge growth sectors. We’re already in over 300 bars and restaurants – yet there are 33,000 up for grabs. We’ve signed multiyear deals that will see Naked Life served at major sporting events and live stadium tours. Yes – you’ll be able to watch Taylor Swift while enjoying the world’s best non alc G&T.

“And we’ve got iconic hotel chains, Village Cinemas, and a potential major airline announcements about to drop, so watch this space. International expansion has already started to our friends across the ditch.” 

Investors will also become part owners in the Naked Life beverage range of sugar-free soda’s, iced teas and functional drinks, some of which you can find in Woolworths’ front fridges. And there’s also the reduced sugar family range of products called, The No Nasties Project. These include cereal, cookies, spreads, and Australia’s favourite sugar-free, all natural icy poles, SugarFreezies. 

“Our company wants to give every Australian a better option than lemon lime and bitters when they’re out drinking with their mates, and the money raised will help widen our reach so more people can live a healthier life without feeling left out,” said Andrew.

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Categories: Business