LOS ANGELES — Snack brand Peatos has completed a $7 million Series A fundraising round led by Jackson Springs Management Partners and Connetic Ventures.
The company offers snacks inspired by popular brands such as Cheetos and Funyuns that are formulated with peas and lentils instead of corn, which results in a crunchy texture with a healthier nutrition profile. Developed to disrupt the “$21 billion junk snack market” dominated by PepsiCo’s Frito-Lay, Peatos products first appeared on grocery shelves in late 2017 and have since expanded to more than 4,700 retailers, including Kroger, Safeway, Albertsons, 7-Eleven and Costco.
“While the global pandemic has been a very challenging time for so many, Peatos has been fortunate to see strong growth in all channels,” said Nick Desai, founder and chief executive officer of Peatos parent company Snack It Forward LLC. “We are ecstatic to have received such an enthusiastic response to our raise as well as to welcome Greg Pearlman of JSMP to the board.”
Other investors and advisers for the brand include Apu Mody, former president of Mars Food North America; Carlos Barroso, former head of global research and development for Frito-Lay; Carl E. Lee Jr., former president and CEO of Snyder’s-Lance; Dean Hollis, former president and chief operating officer of ConAgra Foods (now Conagra Brands); and Tracy McGrady, Hall of Fame basketball player.