Purely Elizabeth, a natural foods brand specializing in plant-based oatmeal, granola and pancake mixes, announces a $50 million Series B raise led by SEMCAP.
In the last five years, the company has grown at 55% CAGR and nearly doubled its retail locations from 8,000 to over 15,000 stores, according to a press release. The company’s products can be found at an array of major retailers including Whole Foods Market, Publix, Target, and Walmart.
The financing round marks the first investment by SEMCAP’s Food & Nutrition arm, which is headed by experienced CPG investor John Haugen.
Superfood ingredients
Purely Elizabeth was founded in 2009 by nutrition holistic counselor Elizabeth Stein. The company has since achieved strong and steady growth through its line of organic superfoods granola, oatmeal and mixes made with ancient grains. In addition to being gluten-free, Purely Elizabeth says it uses nutrient-rich ingredients such as coconut sugar and probiotics to create healthier, simply made products.
The company plans to use the latest funds to drive product innovation, e-commerce, and increase investment in marketing. In 2022, the brand also intends to expand its SKUs within oatmeal and other offerings while launching a completely new, undisclosed category, according to a press release.
Purely Elizabeth’s founder commented on the successful investment round.
“We had a lot of interest in the round and chose to partner with the SEMCAP team given their deep operational experience in food and their strong values alignment as an impact investor,“ said Elizabeth Stein.
“We couldn’t be more excited to partner with Elizabeth to help her achieve her vision for Purely Elizabeth. She is a remarkable entrepreneur who’s mission, values, and desires to make this a healthier world, align with ours,” said SEMCAP Founder Buck Buckley. “We have a very talented Food & Nutrition team at SEMCAP, led by John Haugen, and feel strongly that Purely Elizabeth and future portfolio companies will benefit greatly from their deep investment, operational background, creativity, and true partnership approach.”
