A Boulder granola company said it's received a $3 million investment from a unit of General Mills.
Purely Elizabeth, which makes granola, oatmeal, muesli and cereal, said it's received a minority investment of $3 million from 301 INC, which is a new business development and venturing unit of Minnesota food giant General Mills (NYSE: GIS).
"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," said Elizabeth Stein, company founder and CEO, in a statement, who added that the $3 million 301 INC investment is the "first and only outside funding the brand has accepted to date, and will allow Purely Elizabeth to launch new lines at a faster pace and continue to stay ahead of the curve on new product innovations."
Stein founded Purely Elizabeth in 2009 and moved the company from New York to Boulder in 2014.
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