Medici Brands has raised $250 million in Series B funding co-led by Greenoaks and Valor Equity Partners, with participation from CEO Peter Rahal, ICONIQ and Imaginary Ventures.
Medici is the parent company of David Protein and newly launched confectionery brand HallPass.
Greenoaks and Valor were also investors in David Protein’s $75 million Series A financing in 2025.
David launched direct-to-consumer in September 2024 with a protein bar containing 28 grams of protein, 150 calories and zero grams of sugar.
The brand has since expanded into additional formats and is now sold in more than 35,000 retail locations, including Walmart, Target and Costco.
Medici said the business is on track to surpass $300 million in revenue in 2026.
Medici has also expanded beyond David with HallPass, a confectionery brand that launched nationwide at Walmart in August 2026.
HallPass is focused on recreating traditional candy products with fewer calories and less sugar. Medici plans to introduce its third consumer brand, Rowdy, later in 2026.
The company will use the Series B funding to expand HallPass’ retail footprint and product portfolio, extend David into additional product categories and formats, accelerate product innovation and build infrastructure to support the launch and scaling of additional brands.
Medici’s portfolio also includes Epogee, developer of EPG, a plant-based fat substitute designed to provide the taste and texture of traditional fat with fewer calories.
KEY QUOTES:
“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. If we can do that across categories, better nutrition becomes easier by default.”
Peter Rahal, CEO of Medici Brands
“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. But that was never the whole ambition. Now, Medici is bringing that approach to the rest of the store, building a house of brands that delivers the taste consumers adore, without making the compromises they have grown to accept. We believe Medici is building the first technology-enabled platform in food, and we are proud to deepen our partnership with Peter and the Medici team.”
Neil Shah, Partner at Greenoaks
“We have tremendous confidence in Peter’s leadership and the business he is building at Medici. Medici combines exceptional consumer products with differentiated technology, creating a foundation we believe can support multiple category-defining brands. We’re excited to deepen our partnership with the team as they continue to build the company.”
Jon Shulkin, Valor Equity Partners
