David Protein Parent Raises $250M at $2.25B Valuation

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Medici Brands, the parent company of David Protein, has raised $250 million in Series B funding co-led by Greenoaks and Valor Equity Partners, with chief executive Peter Rahal, ICONIQ and Imaginary Ventures participating. The round values the business at $2.25 billion post-money.

The company is based in New York, and it now runs two brands: David and the recently launched confectionery line HallPass.

David got here quickly. The brand launched direct-to-consumer in September 2024 with a protein bar carrying 28 grams of protein, 150 calories and no sugar. It has since moved into other formats and is now stocked in more than 35,000 retail locations including Walmart, Target and Costco.

Medici says the business is on track to pass $300 million in revenue in 2026.

Greenoaks and Valor are not new to the story. Both invested in David Protein’s $75 million Series A in 2025, which makes this round a doubling down rather than a fresh bet.

Rahal is best known for co-founding RXBAR, which he sold to Kellogg for $600 million in 2017, so the playbook of building a food brand and scaling it into national retail is one he has run before.

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