The new Semcap food and nutrition division co-led the round joined by co-investors Swander Pace Capital and Semcap’s partner, Fresh Del Monte

Boulder, Colorado-based natural foods company Purely Elizabeth has closed a $50 million Series B financing round co-led by the new Semcap food and nutrition division, and joined by co-investors Swander Pace Capital and Semcap’s partner, Fresh Del Monte.

Purely Elizabeth, which specialises in nutritious, nutrient-dense breakfast foods including granola, will expand its SKUs including oatmeal, while working on launching into a new category, to be announced at a later date. The company added ythat the funding will be used to drive growth through product innovation, e-commerce, and investment in marketing.

Purely Elizabeth said it has grown significantly over the past five years, with a 55% compound annual growth rate and nearly doubling its retailer doors in the past four years from 8,000 retailers in 2018 to 15,000 retailers in 2021.

Elizabeth Stein, Purely Elizabeth’s founder and chief executive, said: “Since 2016, Semcap’s John Haugen and Ryan Newcom have served on my board and played an instrumental role in helping scale the business. We share the same vision and values for the brand, which were our most important aspects when choosing an investment partner.”

Haugen added: “Purely Elizabeth is catalysing 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. 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.”

Date published: 1 February 2022

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