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US-based Medici Brands, the parent company of nutrition brand David Protein and newly launched confectionery brand HallPass, has raised $250 million in Series B financing.
The round was co-led by Greenoaks and Valor Equity Partners, who previously invested in David’s $75 million Series A round last year. The Series B round saw additional participation from founder and CEO Peter Rahal, Iconiq and Imaginary Ventures.
David launched initially as a direct-to-consumer brand in September 2024 with a single product, its flagship protein bar, containing 28g of protein, 150 kcal and no sugar. Since, the brand has expanded its offering into further categories, including frozen desserts and ready-to-drink shakes, and is now sold in more than 35,000 retail locations including Walmart, Target and Costco, on track to surpass $300 million in revenue in 2026.
HallPass, Medici’s new confectionery brand, launched nationwide at Walmart in August. The brand aims to deliver the taste and experience of traditional confectionery at ‘a fraction of the calories and sugar,’ without the premium price typically associated with ‘better-for-you’ products.
Additionally, the company has revealed plans to launch a third consumer brand, Rowdy, later this year. The Series B funding will be used to accelerate growth, including expanding HallPass’ retail presence and portfolio, extending David into new formats and categories, advancing product innovation, and supporting the launch and scale of new brands such as Rowdy.
Rahal commented: “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. If we can do that across categories, better nutrition becomes easier by default.”
Neil Shah, partner at investor Greenoaks, said: “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.”
