'Chipmaker' PeaTos Raises $7M
Leslie Ignacio is dot.LA's editorial intern. She is a recent California State University, Northridge graduate and previously worked for El Nuevo Sol, Telemundo and NBC and was named a Chips Quinn Scholar in 2019. As a bilingual journalist, she focuses on covering diversity in news. She's a Los Angeles native who enjoys trips to Disneyland in her free time.
Launched two years ago to make "junk food" without the bad ingredients, PeaTos has focused on creating a different type of chip with no artificial flavors and made from peas.
The Los Angeles-based snack food company has caught on, helping it land a $7 million raise that will be used to promote and develop their healthy chips. Sales have grown 50% in the last year, according to the company.
"While the global pandemic has been a very challenging time for so many, PeaTos has been fortunate to see strong growth in all channels," said CEO and founder Nick Desai in a statement. "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."
Their products include crunchy curls and rings in five different flavors and are available for purchase in over 4,700 retailers including Ralphs, Food 4 Less and Amazon.
The recent series A round raise was led by Jackson Management Partners, Connetic Ventures and even includes celebrity basketball player Tracy McGrady.
The company is trying to penetrate the $21 billion U.S. snack food market through ad campaigns and social media promoting healthier alternatives to fatty and high-calorie potato chips. Desai said a survey sponsored by the company showed there's some good indications that Peatos can break through to the mass market.
"Even among survey respondents who had never tried the product, 92% admitted to being curious about it based on the ads alone," he said.
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Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.
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