Existing investors Greenoaks and Valor Equity Partners co-led the round, with participation from CEO Peter Rahal, ICONIQ, and Imaginary Ventures.
NEW YORK, Sept. 2, 2026 /PRNewswire/ — Medici Brands, the parent company of David Protein and newly launched confectionery brand HallPass, today announced a $250 million Series B financing. The round was co-led by Greenoaks and Valor Equity Partners, with participation from Peter Rahal, ICONIQ, and Imaginary Ventures. Both Valor and Greenoaks previously invested in David’s $75 million Series A in 2025.
In September 2024, David launched direct-to-consumer with a single product: its flagship protein bar, offering 28 grams of protein, 150 calories, and 0g of sugar. In just two years, the brand has expanded from protein bars into frozen dessert and ready-to-drink shakes, and is now sold in more than 35,000 retail locations, including Walmart, Target, and Costco. That growth has put the company on track to surpass $300 million in revenue in 2026, making it the fastest food company to reach that milestone.
Medici has since expanded its portfolio beyond David with HallPass, a new confectionery brand that launched nationwide at Walmart in August 2026. Across its products, HallPass aims to deliver the taste and experience of classic candy at a fraction of the calories and sugar, without the premium price typically associated with better-for-you products. Later this year, the company plans to launch its third consumer brand, Rowdy.
“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. If we can do that across categories, better nutrition becomes easier by default.”
The new capital will be used to accelerate Medici’s next phase of growth, including expanding HallPass’ retail presence and product portfolio, extending David into new formats and categories, advancing product innovation, and building the infrastructure required to support launching and scaling new brands such as Rowdy.
“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,” said Neil Shah, Partner at Greenoaks. “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.”
“We have tremendous confidence in Peter’s leadership and the business he is building at Medici,” said Jon Shulkin of Valor Equity Partners. “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.”
About Medici Brands
Medici Brands creates progress by rethinking the products of the past. Its portfolio includes David Protein, a high-protein food brand, and HallPass, a confectionery brand that delivers sweets that taste like the classics at a fraction of the calories. Medici also owns Epogee, the company behind EPG, a plant-based fat substitute that delivers the taste and texture of traditional fat at a fraction of the calories.
About Greenoaks
Greenoaks makes concentrated, long-term investments in enduring companies around the world, including Stripe, Canva, Discord, Robinhood, and Toast. The firm invests behind exceptional founders at all stages of their journeys, building partnerships that last for decades.
About Valor Equity Partners
Valor Equity Partners is an operational growth investment firm focused on investing in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.
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SOURCE Medici Brands, Inc.
