General Mills invests $3M in Boulder-based health-food company

BOULDER — Granola company Purely Elizabeth is receiving $3 million from 301 Inc., a new venturing and business development unit of General Mills Inc. (NYSE: GIS).

301 Inc. is taking a minority interest in Purely Elizabeth — the first and only outside funding the Boulder-based natural cereal company has received.

The funding will be used by Purely Elizabeth to launch new lines quickly. The company also will benefit from General Mills’ expertise and knowledge in the food industry.

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“We are thrilled to partner with 301 Inc. to help foster and grow the vision of the brand, and we look forward to seeing what we can accomplish together,” Elizabeth Stein, Purely Elizabeth’s founder and chief executive, said in a prepared statement. “This investment is a great validation that Purely Elizabeth has become a brand to watch in the natural foods industry. Our strategic partnership allows us to utilize the resources and support of General Mills to boost our new product development, furthering our mission to redefine the standards of packaged foods.”

The company plans to release a line of Wellness Bars in August based off of mushrooms and granola.