Participated · Series B · Jan 2022

Founded in 2009 by Elizabeth Stein, Purely Elizabeth builds better-for-you breakfast products and is best known for its granola. The company expanded from an initial blueberry muffin mix into granola, pancake/waffle mixes and oatmeal using non-GMO ingredients like ancient grains, coconut sugar, probiotics and MCT oil. Over the last five years the business grew at a 55% compound annual growth rate and was in 15,000 retailer doors at the end of 2021, up from 8,000 in 2018. The company currently has a team of about 30 and plans to grow to roughly 40 by the end of 2022. Purely Elizabeth will use new capital to invest in product innovation, launch into a new category with its oatmeal later this year, debut a brand refresh and lean into digital marketing to build awareness. Purely Elizabeth, founded in 2009 by Elizabeth Stein, develops nutrient-dense granola, oatmeal, muesli and cereal. Its products are certified gluten-free, vegan, organic, non-GMO project-verified and are free of artificial flavors, colors, sweeteners, or preservatives. Product lines include Ancient Grain, Grain-Free and Probiotic Granolas, Ancient Grain Muesli, Oatmeal and Cereal, sold in multiple pouch sizes and cups. The products are carried by retailers such as Whole Foods Market, Target and Publix, and available on the company website. The company received a $3M minority investment from 301 INC (General Mills’ new business development and venturing unit) to continue new product development and accelerate brand growth in natural and conventional grocery channels. This summer the company plans to launch a line of mushroom-powered wellness bars in five flavors.

Led · Equity · May 2018

Purple Carrot delivers completely plant-based (vegan) meal kits to subscribers. Founded in 2014, the company has attracted attention through celebrity involvement, hiring food writer Mark Bittman as chief innovation officer (he departed in 2016) and partnering with Tom Brady on TB12 meal kits. The company says the new investment will allow it to improve its supply chain, gain access to more retail opportunities, and explore expansion into other categories. Financially, Purple Carrot had previously raised $6 million, according to Crunchbase, and today announced a $4 million strategic investment from Fresh Del Monte Produce. Fresh Del Monte is the company behind Del Monte pineapples and other produce, and the deal was presented as a strategic partnership to support the company’s growth. Purple Carrot delivers subscription meal kits containing fresh, pre-measured ingredients and seasonal, chef-tested plant-based recipes to consumers. The company positions itself as a mission-driven service connecting food, health and the environment. It plans to increase consumer awareness and expand its menu offerings through a new Guest Chef series featuring notable chefs and influencers. Purple Carrot says the program will introduce customized plant-based recipes into its weekly menus. Financially, the company recently secured $5 million in debt financing from WindSail Capital and previously raised $3.8 million in seed capital from investors including New Crop Capital, Stray Dog Capital and Mario Batali. Purple Carrot was founded in 2014.