The venture capital arm of General Mills is investing in Purely Elizabeth, a Boulder, Colo.-based maker of granola, oatmeal, muesli and cereal that uses more nutrient-rich ingredients than a typical bowl of grains.
Granola is a popular product in the U.S. food start-up scene, but 301 Inc. believes Purely Elizabeth offers unique ingredients, taste and leadership under chief executive and founder Elizabeth Stein.
“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,” said Elizabeth Stein, founder and chief executive officer of Purely Elizabeth. “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.”
301 INC’s investment is the only outside funding Purely Elizabeth has accepted to date, the company said, and will allow the brand to launch new product lines at a faster pace.
“She was early to use chia seed and millet and some of these other novel grains as a part of her formulation, so she’s always been on the leading edge,” said John Haugen, vice president and general manager of 301 Inc. “It’s nutrient-dense, but the reason people keep buying it is because it’s delicious.”
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