Boulder’s Purely Elizabeth raises $50M Series B to fuel expansion

BOULDER — Purely Elizabeth LLC, a Boulder-based maker of natural pancake mixes and oatmeal and granola products, has raised $50 million in Series B funding led by a newly formed investment outfit from the founder of General Mills Inc.’s (GIS: NYSE) venture fund.

The company, formed by ex-holistic nutrition counselor Elizabeth Stein in 2009 in New York, will be used to fuel “core growth and expansion,” added hiring, a boosted marketing presence and brand refresh, an extension of the company’s oatmeal offerings, as well as an entrance into a yet-to-be-named product category, Stein told BizWest. 

Stein moved Purely Elizabeth, at the time a three-person company, to Boulder in 2014 because the region “felt like the mecca of natural food,” she said. “Being entrenched in this community felt like a great way to grow the business.”

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Fast-forward eight or so years and Purely Elizabeth is a major player in the natural foods space, available in more than 10,000 stores across the country including retailers such as Whole Foods Market, Target Corp. (NYSE: TGT) and Kroger Co. (NYSE: KR), as well as online. 

By the end of the year, the company’s headcount will be about 40. 

The most recent fundraiser came on the heels of a $3 million Series A round in 2016. 

The Series B was led by Seminal Capital Holdings LLC, or Semcap, which is helmed by John Haugen, founder of GM’s venture arm 301 Inc.

The Purely Elizabeth deal is Semcap’s first investment.

Stein had worked with Haugen in the past and “when he started this new endeavor it was really a no-brainer to continue the relationship,” she said.

Purely Elizabeth, with its $53 million in financing over the past six years, is finished fundraising for now, Stein said.