General Mills Invests $3M in CO-Based Natural Foods Maker

The investment arm of General Mills, 301 INC., is investing $3 million in Purely Elizabeth, a Boulder, CO-based producer of natural granola, oatmeal, muesli and cereal products in a strategic partnership to help the brand expand, develop new products, and reach conventional grocery customers, a Purely Elizabeth press release announced Monday.

“We are thrilled to partner with 301 INC to help foster and grow the vision of the brand, and we look forward to seeing what we can accomplish together,” said Elizabeth Stein, the firm’s founder and chief executive officer, in a statement. “This investment is a great validation that Purely Elizabeth has become a brand to watch in the natural foods industry. Our strategic partnership allows us to utilize the resources and support of General Mills to boost our new product development, furthering our mission to redefine the standards of packaged foods.”

Purely Elizabeth said it has never accepted outside funding prior to 301 INC’s investment. The funds will be used to develop new product lines and other innovations, the release stated. Currently, the company’s products can be found nationally at Whole Foods Market, Publix, Kroger, and Target stores.

“Purely Elizabeth is a remarkable brand with a premium breadth of products that have had incredible success in the natural and organic foods channel,” said 301 INC general manager and vice president John Haugen in the release. “Purely Elizabeth continues to be a stand-out in the nutrient-dense foods. We look forward to helping the brand unlock new areas of growth.”

The company’s products are manufactured with Non-GMO Project verified ingredients and are free of artificial colors, sweeteners, and preservatives. General Mills has recently invested in several other companies in the natural foods space, like California-based Farmhouse Culture.

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