BOULDER, COLO. — Better-for-you breakfast brand Purely Elizabeth has closed a $50 million Series B financing round to support new product development, marketing and e-commerce.
Founded in 2009, Purely Elizabeth offers a range of granola, pancake and waffle mixes, and oatmeal formulated with nutrient-dense ingredients such as organic ancient grains, coconut sugar, probiotics and collagen. Products are sold in 15,000 retail outlets nationwide.
The financing round was co-led by SEMCAP’s newly launched food and nutrition division, led by managing partner John Haugen and partners Ryan Newcom and Kate Storey. Mr. Haugen, a former General Mills executive who led its 301 INC venture capital arm, and Mr. Newcom have served on the board of Purely Elizabeth for more than five years, said Elizabeth Stein, founder and chief executive officer.
“We share the same vision and values for the brand, which were our most important aspects when choosing an investment partner,” she added.
Additional investors in the round included Swander Pace Capital and Fresh Del Monte. Purely Elizabeth plans to expand its existing product lines and launch into new categories.“Purely Elizabeth is catalyzing change in the food and nutrition space and changing the way food is made through its commitment to clean, sustainable ingredients that are packed with nutrition, while simultaneously delivering great taste,” Mr. Haugen said. “Purely Elizabeth has also shown a tremendous record of growth and stellar performance, led by a genuine, purpose-driven founder who is a joy to partner with.”