Medici Brands closed a $250 million financing that pegs the company's value at $2.25 billion. Valor Equity Partners and Greenoaks led the investment, with participation from Imaginary Ventures and ICONIQ.
Founder and CEO Peter Rahal invested $20 million of his own cash in the deal. The raise is one of the largest financings in recent memory for a non-public food business.
Launched in mid-2024, David - the low-calorie, zero-sugar protein bar brand - is tracking toward surpassing $300 million in sales for the year. You can find David in over 35,000 stores, with flavors like salted peanut butter and fudge brownie.
The brand markets itself as offering the most protein for the fewest calories in the category. Typically, each bar delivers 28 grams of protein while totaling 150 calories with zero sugar. Under the David label, it has also rolled out ice cream and shakes, both marketed as high-protein.
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Both David and Medici's newly launched low-sugar candy brand, HallPass, use EPG - a fat alternative the company says helps keep calories in check while preserving rich flavor.
In 2025, Medici bought Epogee - the producer of EPG - following difficulties obtaining sufficient quantities to meet production needs. Epogee temporarily paused supplying EPG to outside brands, and Rahal said earlier this year that other companies can purchase it again.
EPG has faced scrutiny, including a class-action lawsuit alleging David bars misrepresented calorie and fat content. Rahal said at the time the claims stemmed from a misunderstanding of how calorie counts are determined for US nutrition labels. The suit was dropped in March.
A threefold jump in valuation in a year reflects a real shift in what shoppers want: high-protein, lower-calorie snacks and drinks, with GLP-1 weight-loss drugs also nudging habits. Rahal said the new funding will go toward developing and scaling more low-calorie, low-sugar brands under the Medici umbrella. If that momentum holds, you could see more grocery aisles turning into protein aisles - which says a lot about where consumer dollars, and future growth stories, might be headed.