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 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.
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.