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Medici Brands, the company behind David Protein, just landed a big war chest to fuel its next phase of growth.
The startup closed a $250 million Series B that values it at $2.25 billion.
The round was co-led by Greenoaks and Valor Equity Partners, with additional backing from CEO and RXBAR founder Peter Rahal, ICONIQ, and Imaginary Ventures. It follows a $75 million Series A in 2025, part of which funded the acquisition of EPG, the low-calorie fat ingredient now central to David’s products.
Rahal said the company expects David Protein to turn profitable in 2026. Revenue is on pace to top $300 million this year, up from a standing start in 2024.
That growth is why investors are buying in. “Two years ago, David Protein showed customers they no longer had to choose between great macros and great taste, and it became one of the fastest-growing CPG brands in America,” said Neil Shah, partner at Greenoaks.
New brands, same playbook: protein up, calories down
David built its name on bars with 28g of protein and only 150 calories, made possible by EPG plus low- and no-calorie sweeteners. The brand started online and now sells in 35,000 stores including Walmart, Target, and Costco. It added frozen desserts in July and RTD shakes in August.
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Now Medici is stretching beyond bars with two new brands:
- HallPass – pitched as the “Coke Zero of candy.” The tagline is “Permission granted.” It uses EPG to cut calories and sugar without a premium price. Walmart will carry most of the initial volume, with additional rollout in independent stores in NYC and LA, plus DTC.
- Rowdy – a new chip line focused on the same high-protein, low-calorie formula.
On “ultra-processed” and protein demand
David’s labels include ingredients like EPG, sucralose, allulose, and maltitol that won’t be in most home pantries. Rahal argues consumers don’t care if the benefit is clear. “We are not interested in telling people to stop eating the foods they love. We want to improve public health by making those foods smarter: lower calories, less sugar, no compromise on taste or experience.”
He said marketing around protein, calories, and sugar is what resonates most, especially with shoppers on GLP-1 drugs who prioritize protein.
The EPG legal fight continues
EPG, or esterified propoxylated glycerol, delivers 0.7 calories per gram versus 9 for regular fat. Because it resists digestion, almost none of those calories are absorbed.
Control of supply became critical after David acquired EPG maker Epogee in May 2024 and cut off other customers. Three former Epogee users sued, alleging anticompetitive behavior. Case: OWN Your Hunger, Lighten Up Foods, and Defiant Foods vs Linus Technology (David Protein), Epogee, and Peter Rahal, SDNY, filed June 2, 2025.
One plaintiff, Lighten Up Foods, recently settled and signed a supply agreement to restart its sauce. The other two, OWN Your Hunger and Defiant Chocolate, say the case is ongoing. They argue EPG is still not broadly available, despite Rahal’s comments online.
Rahal said the new funding will also support more innovation, new product lines, and a new B2B push to sell EPG to larger CPG companies.
With candy, chips, and shakes now in the mix, Medici is betting consumers want familiar snacks rebuilt with better macros. The $250M raise suggests investors agree.
