Natural Foods Startup Purely Elizabeth Nets $50M in Series B Funding

The round was co-led by the new SEMCAP Food & Nutrition division, Swander Pace Capital and Fresh Del Monte.


BOULDER, CO — On Jan. 31, 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.

"Since 2016, SEMCAP's John Haugen and Ryan Newcom have served on my board and played an instrumental role in helping scale the business," said Elizabeth Stein, Purely Elizabeth founder and CEO. "We share the same vision and values for the brand, which were our most important aspects when choosing an investment partner. We are beyond lucky."

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.

"Purely Elizabeth is catalyzing 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," said John Haugen, SEMCAP Food & Nutrition managing partner. "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." 

At its roots, Purely Elizabeth embodies its ethos of sourcing superior ingredients and bringing nutrient-dense, holistic nutrition to everyone. Visit for more information.

ABOUT PURELY ELIZABETHSince 2009, Purely Elizabeth has been a leader in the natural foods category with its nutritious, non-GMO and organic ancient grain products. Founder and holistic nutrition counselor Elizabeth Stein is a pioneer of the superfood movement, incorporating powerful and innovative, nutrient-rich ingredients into her products such as ancient grains, coconut sugar, probiotics, and MCT oil. Purely Elizabeth is redefining the standards of packaged foods with its current line of certified gluten-free and vegan products consisting of granola, pancake & waffle mix, and oatmeal.

ABOUT SEMCAP FOOD & NUTRITIONSEMCAP Food & Nutrition invests in remarkable food companies that support sustainable modern health and a better future for food.  Led by a highly skilled investment team with deep operating and investing experience in consumer package goods, the team provides unique deal insight and support for strategic partnering and enhanced growth.  SEMCAP Food & Nutrition partners with companies whose products emphasize organic, natural, non-GMO, and plant-based foods as well as efficient supply chain and delivery and low-waste packaging. SEMCAP is a growth-stage private equity company committed to investing behind seminal trends in sectors that have the greatest impact on humanity – health, education, and food.

More in Capital Investment