Under the banner of parent company Medici Brands, Dave Protein has raised $250 million in a Series B funding round. The money will be used to fund expansion into other markets, including the candy market with the newly-launched HallPass
Greekoaks and Valor Equity Partners co-led the funding round, and the company invested heavily in David’s $75 million round in 2025. The Series B round delivered additional investment from Iconiq and Imaginary Ventures.
Neil Shah, Greenoaks partner, had this to say about the recent investment:
“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.”
Why Dave Is Going From Strength To Strength
David initially launched in September 2024 as a single product, a 28g protein bar. The brand has grown rapidly and now offers frozen desserts and protein shakes. Their products are now available in over 35,000 retail stores in the US, including Costco, Target, and Walmart. David is on track to record revenue of more than $300 million for 2026.
This demonstrates the significant growth of David, a company that Peter Rahal launched after selling RXBar to Kellogg’s in 2017 for $600 million. Talk is growing that David is looking to enter more markets across food and nutrition.
Medici Brands launched HallPass in August this year, with peanut cups, candy, and wafers available in Walmart stores nationwide. Rowdy, an additional brand, is on course to launch later in 2026. Rahal spoke of his excitement at the latest developments:
“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.”
Why Some Are Questioning David’s Claims
David’s rapid growth and funding rounds have sparked discussions about the company’s nutritional value. A class-action lawsuit earlier in the year even alleged that David protein bars contain higher amounts of fat and calories than their labels indicate.
David disputed claims that its bars were between 268 and 275 grams in calories. A recent social media campaign video ended with: “Not all rumors are true. David is 150 calories.”
