David Protein Parent Medici Brands Raises $250M at $2.25 Billion Valuation

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9.3.2026

Quick Facts

Medici Brands raised $250 million in a Series B co-led by Greenoaks and Valor Equity Partners, valuing the company at $2.25 billion.
David Protein is on track to surpass $300 million in revenue in 2026, sold in more than 35,000 retail locations including Walmart, Target, and Costco.
The valuation is three times higher than the $725 million Series A valuation from May 2025.

Medici Brands, the parent company of David Protein, closed a $250 million Series B financing on September 2, valuing the company at $2.25 billion. Greenoaks and Valor Equity Partners co-led the round, with participation from Peter Rahal, ICONIQ, and Imaginary Ventures.

Both Valor and Greenoaks previously backed David’s $75 million Series A in May 2025, when the company carried a $725 million valuation. The new round triples that figure in roughly 16 months.

Fast Growth, Faster Revenue

David Protein launched in September 2024. It generated $1 million in sales during its first week and reached $3.3 million in revenue from 1 million bars sold within the first six weeks.

The company is now on pace to surpass $300 million in 2026 revenue, which Medici says would make it the fastest food company to reach that milestone. David bars retail for approximately $3.25 each, well above the $1.70 to $2.10 range for most mass-market competitors.

The Product and the Technology

David’s flagship bar delivers 28 grams of protein, zero sugar, and 150 calories. Seventy-five percent of its calories come from protein, compared to roughly 40% in competing products like Quest bars.

The formula depends on EPG, or esterified propoxylated glycerol, a plant-based fat substitute that provides the texture of traditional fats at about one-quarter the calorie density. Medici also owns Epogee, the supplier behind EPG. David acquired Epogee in May 2025 to secure its supply chain. CEO Peter Rahal said at the time that David consumed 90% of Epogee’s output.

Expanding the Portfolio

Medici is building a brand portfolio around EPG. The company launched HallPass, a low-sugar confectionery brand, nationwide at Walmart in August. HallPass products include peanut cups, crispy wafers, and candy pieces at 70 calories and 1 gram of sugar per serving.

A third brand, Rowdy, is scheduled to launch later in 2026. Medici plans to use the new capital to expand HallPass retail distribution, extend David into additional formats, and fund infrastructure for future brand launches.

Founder and Investor Backing

Peter Rahal, who co-founded RXBAR and sold it to Kellogg for $600 million in 2017, leads Medici as CEO. Zach Ranen serves as president of David. Early investors include Dr. Andrew Huberman, Dr. Layne Norton, and Dr. Peter Attia, who serves as the brand’s chief science officer.

Neil Shah, partner at Greenoaks, said the firm views Medici as building the first technology-enabled platform in food. Rahal framed the company’s goal as making lower-calorie, lower-sugar versions of foods people already want to eat, without requiring behavior change.

David now sells in more than 35,000 retail locations. With two brands in market and a third on the way, Medici is moving from a single-product story to a multi-brand consumer packaged goods operation backed by a proprietary ingredient platform.