Medici's $250M Fuel for a Food Tech Revolution

NEW YORK, NY – September 02, 2026 – Medici Brands, a company that has operated with blistering speed since its inception, today announced a $250 million Series B funding round that signals a deeper story than just successful snack food. While its David Protein brand has become a juggernaut in the high-protein space, the massive investment co-led by Greenoaks and Valor Equity Partners is a bet on the company’s less visible, and far more strategic, asset: a proprietary technology platform poised to rewire how mass-market foods are made.

The funding round, which includes participation from CEO Peter Rahal, ICONIQ, and Imaginary Ventures, is not just a validation of David Protein's meteoric rise. It's an endorsement of a radical thesis: that the future of food isn't about creating niche, premium products for the few, but about building a scalable, technological infrastructure to make the foods everyone already loves fundamentally "smarter."

The High-Octane Growth Engine

To understand the strategy, one must first grasp the sheer velocity of the execution. David Protein launched just two years ago, in September 2024, with a single direct-to-consumer protein bar. The market response was immediate and overwhelming. The company generated $1 million in its first week and sold one million bars within six weeks. This initial traction was a precursor to a full-scale retail assault.

Today, David Protein products are sold in over 35,000 retail locations, including the nation's largest chains like Walmart, Target, and Costco. That footprint has put the company on a trajectory to surpass $300 million in revenue in 2026, a milestone it claims makes it the fastest food company to ever do so. This growth is fueled by a product that delivered on a seemingly impossible promise: a protein bar with an industry-leading 28 grams of protein for only 150 calories and zero grams of sugar. For comparison, most competitors struggle to deliver that much protein under 200 calories, giving David an undeniable edge in macros-obsessed consumer circles. The brand has since expanded from bars into frozen desserts and shakes, proving the initial concept was not a one-hit wonder.

The Invisible Network: Securing the Technological Backbone

The secret to David Protein's "impossible" nutritional profile, and the core of Medici's long-term strategy, lies in a proprietary ingredient and a shrewd strategic acquisition. In May 2025, concurrent with its $75 million Series A, Medici acquired Epogee, the creator of a plant-based fat substitute known as EPG (esterified propoxylated glycerol). This ingredient was not just an additive; it was the key. EPG allows formulators to drastically cut calories by mimicking the taste and mouthfeel of traditional fat while being largely unabsorbed by the body. It is the critical technology that enables a product where over 70% of the calories come from protein.

The acquisition was a defensive and offensive masterstroke. As David's growth exploded, its demand for EPG became "mission critical," quickly outstripping Epogee's manufacturing capacity. By acquiring the company, CEO Peter Rahal, previously of RXBAR fame, secured the supply chain for his primary brand and, more importantly, took a powerful piece of food technology off the market. The company immediately invested in a five-fold expansion of EPG manufacturing capacity.

This move to vertically integrate a key technological component is what separates Medici from a typical CPG brand. It has transformed the company into a food tech platform with a powerful, defensible moat. While the decision to cut off EPG supply to former Epogee customers sparked antitrust lawsuits, it underscored the immense strategic value Medici places on its proprietary infrastructure. This is not just about making protein bars; it's about controlling the underlying network that makes a new class of food products possible.

A Platform, Not Just a Product

With the technology and its supply chain secured, Medici is now executing a broader "house of brands" strategy. Investors are not just funding a protein bar company; they are funding a platform designed to replicate its success across the entire grocery store. As Neil Shah, Partner at Greenoaks, stated, "We believe Medici is building the first technology-enabled platform in food."

This platform strategy is already in motion. In August 2026, Medici launched its second brand, HallPass, a line of confectionery products that debuted nationwide at Walmart. The brand's mission is to deliver the nostalgic taste of classic candies at a fraction of the calories and sugar, and critically, without the premium price tag often associated with "better-for-you" alternatives. The upcoming launch of a third brand, Rowdy, further signals the company's intent to apply its formula—leveraging technology to reformulate beloved products for a health-conscious mass market—to new categories.

This vision is articulated clearly by CEO Peter Rahal. "We are not interested in telling people to stop eating the foods they love," he said. "We want to improve public health by making those foods smarter: lower calories, less sugar, no compromise on taste or experience." It’s a philosophy that aims to make healthier choices the default, not the exception, by meeting consumers where they are. Jon Shulkin of Valor Equity Partners echoed this confidence, noting, "Medici combines exceptional consumer products with differentiated technology, creating a foundation we believe can support multiple category-defining brands."

The Blueprint for the Future of Food

The $250 million investment is more than capital; it's a validation of a new blueprint for innovation in the historically slow-moving CPG industry. While many companies focus on marketing and branding, Medici has focused on building a foundational technology that can be deployed across multiple product lines and categories. This approach mirrors the scalable platforms seen in the software industry, where a core technology enables an entire ecosystem of applications.

Investors like Greenoaks and Valor, with portfolios that include tech giants like Stripe, Canva, and Toast, recognize this pattern. They are betting that Peter Rahal, who already demonstrated his ability to build and exit a successful brand with RXBAR's $600 million sale to Kellogg, has the vision to build something far larger and more foundational this time. The strategy is to move beyond creating a single successful product and instead build the infrastructure that allows for the rapid development and scaling of an entire family of "smarter" foods, effectively changing the operating system of the modern pantry.