301 INC Invests $3 Million in “Superfood” Granola, Oatmeal, and Cereal Startup
301 INC, the venture capital unit of General Mills, had committed $3 million in exchange for a minority stake in Boulder, Colorado-based Purely Elizabeth – a leading natural, “superfood” company that produces natural, gluten-free, vegan, and organic, nutrient-dense granola, oatmeal, muesli, and cereal. All products in the company’s lineup are free of artificial flavors, colors, sweeteners, and preservatives.
Purely Elizabeth was founded by holistic nutrition counselor, Elizabeth Stein, who in 2009 was looking for products for her clients while learning about the niche categories of superfood seeds and ancient grains. Not finding many choices on the retail market, Stein began making her own granola.
The capital from the round is being earmarked to support the company’s expansion of its distribution network and for the development of new products including a line of mushroom-based Wellness Bars, which are made from a combination of the company’s Original Ancient Grain Granola and Om MushroomTM Formula. The bars, which are developed to offer a range of health benefits from immune and neurological support, to cholesterol management and improved circulation, are expected to be available in five flavors this August.