Analysis
Medici Brands, the parent company of David Protein and newly launched confectionery brand HallPass, announced a $250 million Series B financing on Sept. 2, Pulse2 reported. The round was co-led by Greenoaks and Valor Equity Partners, with participation from Peter Rahal, Iconiq and Imaginary Ventures.
Peter Rahal, Medici's founder and chief executive, previously co-founded RXBAR with childhood friend Jared Smith in 2013. He launched David in September 2024 -- named after Michelangelo's sculpture -- built around a protein bar containing 28 grams of protein, zero sugar and 150 calories, using esterified propoxylated glycerol, a fat substitute that resists digestion, Athletech News reported:
- RXBAR sale, 2017 -- $600 million to Kellogg
- David's first week -- $1 million in sales
- David revenue, 2024 -- $8 million
- David revenue, H1 2025 -- $102 million
- David 2026 target -- $300 million-plus
“Peter Rahal, Medici's founder and chief executive, previously co-founded RXBAR with childhood friend Jared Smith in 2013.”
Medici's growing portfolio:
- David -- the flagship protein bar, now expanded into frozen dessert and ready-to-drink shakes, sold in more than 35,000 retail locations including Walmart, Target and Costco. Competes against Quest Nutrition and RXBAR, the brand Rahal sold in 2017.
- HallPass -- a new confectionery brand that launched nationwide at Walmart in August 2026.
- Rowdy -- a third consumer brand Medici plans to launch later this year, not yet detailed publicly.
David's funding stack:
- Prior rounds -- $85 million total ($10 million seed, $75 million Series A)
- New round -- $250 million Series B
That jump in round size reflects Medici's shift from funding one brand to building shared manufacturing, distribution and marketing infrastructure meant to launch and scale multiple consumer brands simultaneously.
For consumer-brand investors, Medici's structure is the interesting bet: rather than a single-brand CPG company reinvesting profits into line extensions, it's explicitly building a multi-brand holding company from the outset, betting shared supply chain and retail relationships let new brands like HallPass and Rowdy scale faster than they could independently -- the same operating-leverage thesis that's driven consolidation in beauty and personal care, applied to food.
The risk in that structure is diversification without focus: David itself is still less than two years old and reliant on a single differentiated ingredient technology that competitors can attempt to replicate, and stretching leadership attention and capital across three brands simultaneously multiplies execution risk at a company that hasn't yet proven its flagship brand's growth rate holds at a $300 million-plus revenue base, let alone repeated it twice more.
