US snack brand PeaTos has secured $12.5 million in a Series B funding round led by Post Holdings, less than six months after raising $7 million in a Series A round.
The funding will enable PeaTos to continue to drive its mission of revolutionising America’s favourite snacks by offering a better-for-you form of ‘junk food’.
PeaTos claims its pea-based snacks – which contain no artificial colours, flavours or ingredients – have twice the protein and three times the fibre of its corn-based counterparts.
Since its establishment, the brand says it has developed an online social following and experienced massive growth in its direct-to-consumer business by adding new services such as subscriptions and a loyalty programme. The pea-based snacks are also available in over 4,700 retailers, including Kroger and Sprouts, and are witnessing a rise in the foodservice sector.
With its funding, PeaTos also aims to further its distribution and brand awareness efforts. The US brand says it is “poised for explosive growth” in 2021 and beyond.
“Post has a long history of success in the CPG space and we are honoured to have them as part of our mission. The proceeds of this funding round will give us the ability to further execute on our ambitious strategic plan,” said Nick Desai, founder and CEO of PeaTos.
Howard Friedman, president and CEO of Post Consumer Brands, added: “We are very excited to begin our partnership with Nick and the PeaTos brand. We believe it has a bright future and we can learn a lot from their entrepreneurial culture and gain an understanding of the fast-growing snacking space.”
© FoodBev Media Ltd 2022
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