Medici Brands, the parent company of David Protein and confectionery brand HallPass, closed a $250 million Series B round co-led by Greenoaks and Valor Equity Partners, with additional participation from CEO Peter Rahal, ICONIQ, and Imaginary Ventures. The raise accelerates the company's ambition to build a multi-brand platform around better-for-you food products across major retail categories.
From Bar to Broad Platform
David Protein launched direct-to-consumer in September 2024 with a single flagship bar delivering 28 grams of protein, 150 calories, and 0 grams of sugar. In roughly two years, the brand expanded into frozen dessert and ready-to-drink shakes and secured shelf space in more than 35,000 retail locations, including Walmart, Target, and Costco. That velocity has Medici on pace to exceed $300 million in revenue in 2026 — a milestone the company calls the fastest ever reached by a food brand.
Both Greenoaks and Valor Equity Partners previously backed David's $75 million Series A in 2025, and their return in a substantially larger round signals continued conviction in the platform's trajectory. Neil Shah, Partner at Greenoaks, said the firm views Medici as "building the first technology-enabled platform in food" — a framing that points to the role Medici's fat-substitute subsidiary Epogee, maker of the plant-based ingredient EPG, plays in formulating low-calorie products that don't sacrifice texture or taste.
Retail Expansion and Brand Pipeline
HallPass, Medici's confectionery line positioned as a lower-calorie, lower-sugar alternative to classic candy, launched nationwide at Walmart in August 2026. The new capital will fund a broader retail rollout for HallPass and extend David into additional formats and categories. A third consumer brand, Rowdy, is slated to launch later in 2026.
For foodservice and hospitality operators tracking better-for-you beverage and snack trends, Medici's rapid retail penetration is a useful market signal. Shoppers who now routinely reach for high-protein, low-sugar options at mass retail increasingly expect similar choices when dining out or ordering through hotel amenity programs. That consumer conditioning shapes menu and retail-outlet strategy across segments from fast casual to full-service hospitality.
"We are not interested in telling people to stop eating the foods they love," said Peter Rahal, CEO of Medici Brands. "We want to improve public health by making those foods smarter: lower calories, less sugar, no compromise on taste or experience."
Why It Matters for Operators
The scale of this raise — and the speed at which David reached $300 million in projected revenue — underscores a structural shift in how better-for-you products are being built and financed. Rather than a single hero SKU, Medici is wiring common innovation infrastructure (including Epogee's ingredient technology) across multiple brands targeting different aisles. Operators and food and beverage buyers watching CPG innovation in the hospitality channel should note that brands with this kind of capital and retail reach tend to enter foodservice distribution channels quickly. Medici's combination of macro-friendly profiles and mass-market price points — HallPass is explicitly designed to avoid the premium markup common in better-for-you candy — could translate well into hotel grab-and-go, stadium concessions, and healthcare foodservice settings.
This story was developed with research support from Food & Beverage Magazine.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
