LOS ANGELES, Nov. 30, 2022 (GLOBE NEWSWIRE) -- – Following its recent non-GMO certification – a first in the “junk snack” category - revolutionary salty snack brand PeaTos® is proud to announce it was oversubscribed on its Series A3 round led by POST Holdings, Inc (NYSE:POST) and other high profile private investors.
The Series A funds will enable PeaTos to continue its mission of challenging Frito Lay in a David vs Goliath battle for a piece of the salty snack category. Since inception, PeaTos has maintained that choice at the retail level in the salty snack category is an illusion with massive dominance and an effective monopoly being exerted by one player.
“While the amount of money we raised is a rounding error to Frito Lay, we are extremely proud of this show of strong show of support from our investors, as well as retailers and consumers, who believe in our important mission,” said PeaTos founder Nick Desai. ““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.”
PeaTos Expands into Walmart, Nationwide
PeaTos’ fast-paced retail growth continues as the snack brand expands into several hundred Walmart locations, nationwide. The announcement follows PeaTos’ Q2 launch into several thousand CVS Health and HEB Texas store locations.
“For too long, snackers have been led to believe that if a snack tastes good, then it must be bad for you, and that all better-for-you snacks taste like cardboard,” says Desai. “That paradigm is outdated. Cheetos were invented in 1948 and the times have changed. PeaTos is revolutionizing the snacking category by incorporating better-for-you nutrition and plant-based nutrition into the same crunchy fun, flavor-forward, tasty promise of snacks modeled after Cheetos and Funyuns. It’s the holy grail of snacking and we are ecstatic to introduce the PeaTos snacking experience to Walmart shoppers!”
PeaTos Dares to Challenge PepsiCo Frito-Lay’s Category Monopoly
For decades, the category has been monopolized by one player, meaning consumer choice at the retail level is an illusion. In a classic David vs. Goliath battle, PeaTos is challenging PepsiCo subsidiary Frito-Lay’s dominance with a unique approach that bridges the gap between junk food taste and better-for-you nutrition. PeaTos replaces the traditional corn base with nutrient-dense peas for a unique snack experience that offers 2x the protein and 3x the fiber of the leading salty snack counterparts but with nothing artificial and now with no dairy.
100% Plant-Based PeaTos Reimagines America’s Favorite Nostalgic Snacks
PeaTos employs proprietary methodology to replicate the dairy experience using only 100% plant-based ingredients. The result is an all-plant based, vegan snack that offers the taste and finger-licking sensory experience of America’s favorite snacks.
About Post Holdings
Post Holdings, headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories. Through its Post Consumer Brands business, Post is a leader in the North American ready-to-eat cereal category offering a broad portfolio including recognized brands such as Honey Bunches of Oats®, Pebbles™, Great Grains® and Malt-O-Meal® bag cereal. The company was founded in 1897 by the legendary C.W. Post, who introduced the Grape Nuts brand to the world.
About PeaTos®
PeaTos is a revolutionary snack brand on a mission to upgrade America’s favorite snacks by replacing the old-school base of corn with powerful peas and taking the “junk” out of junk food. PeaTos delivers on the “junk food” taste and experience but with the benefit of more nutrition. PeaTos has 2x the protein and 3x the fiber of its traditional counterparts such as Cheetos® and Funyuns®, contains no artificial ingredients, and is made with non-GMO ingredients. PeaTos uses proprietary technology to offer a 100% plant-based, full “junk food” experience. PeaTos is available at more than 7000 retail outlets including Walmart, Sam’s Club, Kroger, Sprouts, CVS Health, H-E-B stores and online at Peatos.com and Amazon. Founded in 2019 by visionary entrepreneur Nick Desai, PeaTos boasts leading investors including Post Holdings Inc., Carlos Barroso, former head of Global R&D for PepsiCo; Carl Lee, former CEO of Snyder Lance; and Apu Mody, past president of Mars Food. Headquartered in Los Angeles, PeaTos is a member of social media platform We Won’t Have Time, which seeks to reduce climate impact and promote an ecologically sound environment. Learn more at peatos.com and find us on Facebook.com/peatosbrand and on Twitter and Instagram @peaTosbrand.
