US snack brand PeaTos has raised $7 million in a Series A funding round as it aims to continue to disrupt the junk food snack market.
The round was led by Jackson Springs Management Partners (JSMP) and Connetic Ventures, with additional investment from celebrities such as Hall of Fame basketball player Tracy McGrady.
Established in 2018, PeaTos offers a portfolio of snacks made using peas and natural ingredients. While it aims to resemble ‘junk food’, the snacks are gluten-free, Non-GMO and contain no added MSG or artificial ingredients.
Available in two styles – crunchy curls and crunchy rings – the snacks claim to contain double the amount of protein and three-times the fibre than its corn-based counterparts.
“So many survey respondents have communicated to us that they like the taste and crunch of PeaTos more than their old school counterparts. Kids love PeaTos and moms can trade out traditional ‘junk food’ brands like Cheetos and Funyuns with PeaTos,” said Nick Desai, founder and CEO of PeaTos.
According to the start-up, in less than two years, it has experienced “massive growth” in both the ecommerce space and in retailers such as Krogers, Safeway and Costco.
Desai continued: “While the global pandemic has been a very challenging time for so many, PeaTos has been fortunate to see strong growth in all channels. 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.”
Co-founder Greg Pearlman of JSMP added: “We are excited to be working with Nick and the PeaTos team to help drive the growth of this exciting and on-trend product.”
Previous investors include Apu Mody, former president of Mars Food North America, Carlos Barroso, former head of global R&D for Frito Lay, and Carl E. Lee Jr, former president and CEO at Snyder’s Lance.
© FoodBev Media Ltd 2020