LOS ANGELES — PeaTos, a brand of plant-based snacks formulated with peas, has closed an oversubscribed Series A3 funding round led by Post Holdings, Inc., according to parent company Snack It Forward.
PeaTos over the past three years has taken aim at PepsiCo’s Frito-Lay, launching a range of snacks inspired by Cheetos, Funyuns and Doritos, using peas and lentils in place of corn to deliver more protein and fiber with less fat and fewer calories.
“While the amount of money we raised is a rounding error to Frito-Lay, we are extremely proud of this strong show of support from our investors, as well as retailers and consumers, who believe in our important mission,” said Nick Desai, founder of PeaTos. “Even in today’s challenging fundraising environment, there is still a strong demand for a compelling and unique brand promise. PeaTos has made great strides in a short time, demonstrating a real opportunity in the salty snack category for the same great ‘junk’ snack flavor and fun that America grew up on, but with 100% plant-based ingredients, better-for-you nutrition and none of the junk.”
The latest funding will support the brand’s continued retail expansion. The products are sold in more than 7,000 retail stores nationwide, including, recently, in hundreds of Walmart locations.Post Holdings previously led PeaTos’ Series B funding round. Other prominent investors in the brand include Carlos Barroso, former head of global research and development for PepsiCo; Carl Lee, former leader of Snyder’s-Lance; and Apu Mody, past president of Mars Food.