General Mills’ 301 Inc. invests $3 million in organic granola company
301 Inc., the venture capital arm of General Mills, has invested $3 million in Purely Elizabeth, a Boulder, Colo.-based maker of granola, oatmeal, muesli, and cereal that uses more nutrient-rich ingredients than a typical bowl of grains.
301 Inc., the venture capital arm of General Mills, has invested $3 million in Purely Elizabeth, a Boulder, Colo.-based maker of granola, oatmeal, muesli, and cereal that uses more nutrient-rich ingredients than a typical bowl of grains. 301 Inc.’s investment is the only outside funding Purely Elizabeth has accepted to date and will allow the brand to launch new product lines at a faster pace.
“She was early to use chia seed and millet and some of these other novel grains as a part of her formulation, so she’s always been on the leading edge,” said John Haugen, vice president and general manager of 301 Inc. “It’s nutrient-dense, but the reason people keep buying it is because it’s delicious.”
This is the eighth food start-up that 301 Inc. has invested in since General Mills reset the division in fall 2015. The venture capital entity now invests in early-stage food companies to help them grow market share and improve business fundamentals while General Mills gains a potential leg up if the packaged-food giant wants to acquire the brand down the road.