Peatos gets an investment from Post Cereals16 Feb 2021
Post Holdings Inc. led a $12.5 million Series B funding round for better-for-you snacking brand Peatos. The growing snack band says it will use the funds to continue its mission to give Americans better-for-you “junk food” options by adding nutrient-dense peas to the traditional corn base and replacing the artificial colors and flavors with more natural ingredients.
Additionally, the brand says it has twice the protein and three times the amount of fiber of traditional corn-based snacks. While no other investors were named in the most current funding frenzy, Peatos is clearly attracting widespread attention as this investment further lines the startup's coffers, building on a $7 million Series A funding round from September.
Already the brand is in 4,700 grocery locations, and the brand further increased its reach during the pandemic with the rollout of its own direct-to-consumer website that features both a subscription option and a loyalty program. With its new funding, the brand hopes to increase its contact with consumers further, both through its increased physical presence as well as its loud and flippant brand voice.
Since Peatos came onto the scene, the brand has unmistakably targeted traditional Frito-Lay snack brands Cheetos and Doritos. However, the similarity in names has never been enough for Peatos, which openly taunts Frito-Lay in what Peatos calls a “David v Goliath battle.” Despite several public confrontations between the two companies, the brand continues to be attractive to investors, some of which have even been former executives of Frito-Lay.
Post is the most recent company to express financial interest in Peatos, and by leading this investment round, Post Holdings now has a significant stake in a company that has experienced double-digit revenue growth over the last year. As consumers have continually balanced a growing desire for indulgent treats with an ongoing concern to choose products that are better-for-you, Post believes that Peatos is the answer to that conundrum.
“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,” Howard Friedman, president of Post Consumer Brands said in a statement.
In the most recent earnings call from Post, the company said it will be “more aggressive” with future M&A activities. Already, the company is making good on its promise. In January, it struck a deal with plant-based meat startup Hungry Planet to distribute its products in retail and foodservice. This move builds on the company’s decision last May to distribute Just Egg's mung bean-based egg substitute to restaurants and foodservice locations nationwide.
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