Snack brand PeaTos has closed an oversubscribed Series A3 funding round from Post Holdings and other private investors.

PeaTos, which has also announced its expansion into several hundred Walmart locations across the US, aims to offer a plant-based, better-for-you alternative to Americans’ favourite ‘junk’ snacks.

The brand is looking to challenge what it describes as Frito-Lay’s monopoly of the snack category with an approach that “bridges the gap between junk food taste and better-for-you nutrition”.

Instead of a corn base, PeaTos uses “nutrient-dense” peas to create snacks that it says offer twice the protein and three times the fibre of “the leading salty snack counterparts”.

PeaTos founder, Nick Desai, said: “While the amount of money we raised is a rounding error to Frito Lay, we are extremely proud of this show of strong support from our investors, as well as retailers and consumers, who believe in our important mission”.

“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 flavour and fun that America grew up on, but with 100% plant-based ingredients, better-for-you nutrition and none of the junk.”

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