The female-led natural food brand plans for innovation and e-commerce growth
Today, Purely Elizabeth announced the closing of a $50M Series B financing round that will drive continued growth through product innovation, e-commerce, and investment in marketing. The round was co-led by the new SEMCAP Food & Nutrition Division and joined by co-investors Swander Pace Capital and SEMCAP’s Partner, Fresh Del Monte. Purely Elizabeth, which specializes in nutritious, nutrient-dense breakfast foods including the top-selling granola in the natural channel, will expand its SKUs within their current line of offerings this year, including oatmeal, while also working on launching into a whole new category, to be announced at a later date.
Over the last five years, Purely Elizabeth has grown significantly with a 55% CAGR, solidifying the brand as a leader in the breakfast category. Founded by entrepreneur and holistic nutrition counselor, Elizabeth Stein, the company has revolutionized the natural foods category since 2009 and has been met with growing demand year over year for its nutritious, non-GMO products, using innovative ingredients such as organic ancient grains, probiotics, and MCT oil. Purely Elizabeth has nearly doubled its retailer doors in the last four years from 8,000 retailers in 2018 to 15,000 retailers in 2021.
“Since 2016, SEMCAP’s John Haugen and Ryan Newcom have served on my board and played an instrumental role in helping scale the business,” said Elizabeth Stein, Purely Elizabeth founder and CEO. “We share the same vision and values for the brand, which were our most important aspects when choosing an investment partner. We are beyond lucky.”
Purely Elizabeth is the first investment for and marks the launch of SEMCAP Food & Nutrition, which is led by managing partner John Haugen, and partners Ryan Newcom and Kate Storey. With industry expertise and a powerful network of resources, the team helps remarkable food companies transform the world through food. SEMCAP is investing in companies with authentic missions to improve the long-term health and sustainability of humanity, have a proven record of success, have a remarkable brand and product, and are helmed by inspiring leaders.
“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,” said John Haugen, SEMCAP Food & Nutrition managing partner. “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. We are thrilled to continue building on an amazing relationship that has existed for over five years.”
SOURCE: Purely Elizabeth