David Protein Maker Valued at $2.25 Billion in New Funding Deal

The maker of the popular low-calorie, zero-sugar David protein bars raised $250 million in a funding round that values the company at $2.25 billion — three times the valuation last year.

Parent company Medici Brands will use the new funding to develop and scale more low-calorie, low-sugar food brands, according to founder and chief executive officer Peter Rahal. Both David and HallPass, a low-sugar candy brand Medici launched last week, use EPG, a fat alternative that the company says enables it to keep calories low while maintaining rich flavors.

A funding round last year valued Medici Brands at $725 million. The steep climb shows how Medici Brands is capitalizing on surging demand for protein-packed snacks and drinks as consumers grow more health-conscious and GLP-1 weight-loss drugs change behavior.

David, which became available in mid-2024, is on track for more than $300 million in revenue this year, Rahal said. David sells its products in more than 35,000 retail locations.

The funding round, which was led by Silicon Valley investors Valor Equity Partners and Greenoaks, is one of the largest hauls in the past several years for a privately held food company. Imaginary Ventures and ICONIQ also invested.

Rahal, who previously cofounded another protein bar brand, RXBAR, said he invested $20 million personally in the funding. The company last raised $75 million in May 2025.

David’s bars come in flavors such as salted peanut butter and fudge brownie. It touts itself as the protein bar with the most grams of protein for the least amount of calories on the market. Most have 28 grams of protein, 150 calories and no sugar.

The company has also launched David-branded high-protein ice cream and protein shakes.

In 2025, David’s parent company acquired Epogee, the maker of EPG, after struggling to secure enough supply to keep up with production demands. Epogee briefly cut off access to EPG for outside brands, but Rahal said earlier this year that EPG is once again available for other brands to purchase from the supplier.

EPG has come under scrutiny, and a class-action lawsuit alleged that the brand misrepresented the calorie and fat content of its bars. Rahal said at the time that the lawsuit was based on a misunderstanding of how calorie content for US foods labels is determined. The lawsuit was dropped in March.

By Ann Gehan

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