Dive Transient:
- Herbal granola, oatmeal and baking combine corporate Purely Elizabeth closed a $50 million Sequence B investment spherical. The spherical was once co-led by means of Seminal Capital Holdings Meals & Vitamin department, Swander Tempo Capital and Contemporary Del Monte.
- The budget can be used to pressure expansion thru product innovation, e-commerce and advertising investments. The corporate mentioned it plans to amplify its present SKUs in nutrient-dense breakfast meals classes, in addition to release right into a yet-to-be-announced class.
- As extra other people were homebound and in the hunt for nutritious breakfasts all the way through the pandemic, Purely Elizabeth has observed its gross sales jump, expanding at a 55% compound annual expansion fee, in line with the corporate.
Dive Perception:
Purely Elizabeth, based in 2009 by means of dietary counselor Elizabeth Stein, has slowly risen with wellness traits and attracted each customers’ consideration and buyers’ budget. The corporate’s tackle diet has paid off. Within the closing 4 years, in line with the corporate, Purely Elizabeth has just about doubled the collection of shops wearing the goods — from 8,000 in 2018 to fifteen,000 in 2021.
This investment spherical, which will increase the cash Purely Elizabeth has raised greater than 16-fold, will lend a hand the corporate proceed its newer expansion trajectory. And whilst the 3 lead funders on this spherical are all new buyers, they aren’t all new to Purely Elizabeth. SemCap Meals & Vitamin’s managing spouse, John Haugen, first spotted Purely Elizabeth’s doable when he was once vice chairman and normal supervisor of 301 Inc., Normal Generators’ undertaking arm. Haugen and Ryan Newcom, a spouse on SemCap Meals & Vitamin and co-founder of 301 Inc., were on Purely Elizabeth’s board since 2016, the corporate mentioned. In 2017, 301 Inc. invested $3 million in Purely Elizabeth.
The funding is the primary for SemCap’s new Meals & Vitamin department, which is able to try to spend money on mission-driven corporations that try to reinforce well being and sustainability that experience a observe file of good fortune, in line with the commentary.
When Purely Elizabeth was once based, Stein hadn’t meant to begin a meals industry. As a New York Town nutritionist seeking to drum up extra industry, she gave out desserts she’d constructed from a nutritious combine she devised at a race, she informed Entrepreneur in 2018. She did not join any purchasers, however many contributors requested the place they might purchase the desserts. She pivoted into granola a couple of 12 months and a part later, after receiving certain opinions on a recipe she’d tossed in combination.
The granola, which nonetheless makes use of its authentic recipe, was once the product that helped Purely Elizabeth take off. Consistent with the corporate, Purely Elizabeth these days has the top-selling granola within the herbal channel. As the corporate’s gross sales and title reputation have grown, the logo has expanded into oatmeal, pancake and waffle mixes, and frame scrubs.
Purely Elizabeth’s clean-label breakfast choices have compatibility into a number of emerging traits amongst lately’s customers. A learn about printed closing 12 months by means of the World Meals Data Council discovered that just about two-thirds of shoppers search out meals constructed from clear elements. Although there’s no actual consensus on what that time period approach, many customers agree those are non-chemical-sounding elements that they may be able to acknowledge. A 2018 learn about from Innova discovered that 91% of shoppers concept pieces made with recognizable elements are more fit.
