A Twin Cities craze-spotter with a eager eye for meals companies is leading a $50 million financial commitment in Purely Elizabeth, a speedy-increasing granola corporation in Colorado.
John Haugen, the previous head and founder of Basic Mills’ venture fund 301 Inc., is now a handling companion at the newly formed SEMCAP Food stuff & Nourishment, which focuses on boosting emerging brands.
The team debuted Monday, at the same time asserting it led a Collection B funding round for Purely Elizabeth in November. It truly is a next aiding of the brand name for Haugen, who was nonetheless at General Mills when it led a $3 million 301 Inc. expense into Purely Elizabeth in 2017.
“We are searching for a manufacturer or small business that has definitely amazing solutions — no just one goes to an typical cafe and is energized to notify any person about it,” Haugen claimed in an job interview. “Purely Elizabeth is a wonderful case in point of the variety of brand we’re thrilled about.”
The expense will assist the Boulder, Colo., organization expand gross sales and output of its all-natural granola, oatmeal and pancake mixes, which ended up in 15,000 merchants in 2021.
“We share the very same eyesight and values for the brand, which were being our most significant features when deciding upon an investment companion. We are further than fortunate,” founder Elizabeth Stein explained in a information launch.
Seminal Capital Holdings LLC, or SEMCAP, is a non-public fairness enterprise based in Pennsylvania, which also has investment arms dedicated to overall health care and instruction. The Meals & Nourishment unit is in look for of manufacturers that have verified by themselves in the market place and are ready to scale up, Haugen said.
In spite of Minnesota’s outsized impact on what the globe eats, enterprise funds has favored these types of growth-all set meals businesses in spots like Boulder Austin, Texas New York and Los Angeles. Haugen hopes his fund can support improve Minnesota’s name nationally as a food stuff hub.
“Each and every single factor is in put below for Minneapolis to be a fantastic food items town. It is a good food items city,” Haugen said. “The endeavours in some of these cities are possibly a bit far more coordinated.”
Assemble Venture Group, a Twin Metropolitan areas foods investment and management company, also sees possible right here. It has backed the two Minnesota and out-of-state meals firms and sees large prospects for Minnesota’s food items scene.
“We’ve noticed healthcare know-how in Minnesota flourish – we’d like to see that materialize with foodstuff,” mentioned Get co-founder Greg Hoyt. “Health care Alley has brought expertise below exclusively to make up an ecosystem, and we have the talent and knowledge now our time is now.”
Haugen mentioned SEMCAP Food & Nourishment has its eyes on “food items that are nutrient-dense and have a obvious functional advantage for the buyer” as it tracks a generational change in food stuff preferences.
“As significantly as matters are shifting, there are some old standbys in foodstuff that will by no means go absent,” he explained. “Shoppers will continue to need taste, and it has to be gratifying.”