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Medici Brands, the parent enterprise of high-protein brand David and newly debuted confectionery label HallPass, has secured $250 million in a Series B funding round.
The financing round was co-led by investment firms Greenoaks and Valor Equity Partners, with participation from Peter Rahal, ICONIQ, and Imaginary Ventures. Both Valor and Greenoaks previously backed the business in David's $75 million Series A round in 2025.
The capital will fund the expansion of Medici Brands' multi-brand operating model, accelerating retail distribution and product development across David and HallPass while financing the launch of its third consumer brand, Rowdy, scheduled for debut later this year.
Rapid Scaling and Financial Milestones
The capital injection follows rapid commercial growth for the company's initial brand, David, which debuted in September 2024 via direct-to-consumer channels with a single flagship protein bar delivering 28 grams of protein, 150 calories, and zero grams of sugar.
Over the past two years, David expanded its product formats from protein bars into frozen desserts and ready-to-drink (RTD) shakes. The brand has built a physical retail presence spanning more than 35,000 store doors, securing listings with major US retailers including Walmart, Target, and Costco.
Based on current sales velocity, Medici Brands is on track to surpass $300 million in annual revenue in 2026, representing the fastest food enterprise to reach that commercial revenue benchmark.
Portfolio Expansion and Brand Architecture
Medici Brands has extended its commercial architecture beyond functional active nutrition by introducing HallPass, a confectionery brand that launched nationwide across Walmart stores in August 2026.
HallPass is formulated to deliver traditional confectionery eating experiences at reduced calorie and sugar thresholds, without the price premium typical of better-for-you snack lines.
"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."
Capital Deployment and Multi-Brand Growth
The $250 million Series B proceeds will be directed toward scaling the enterprise's operational infrastructure, supporting retail expansion, and accelerating research and development.
Key capital allocation priorities outlined by the business include:
Retail Expansion for HallPass:Â Scaling physical store density and expanding product assortments across the retail confectionery aisle.
Format Extension for David:Â Introducing new product formats and entering adjacent commercial categories beyond bars, frozen desserts, and shakes.
Platform Infrastructure:Â Investing in manufacturing, supply chain, and commercial capabilities to launch and scale emerging platform brands, including Rowdy.
Neil Shah, Partner at Greenoaks, stated that Medici is deploying a platform-oriented approach across grocery aisles, creating a portfolio designed to meet consumer taste preferences without nutritional compromises.
Jon Shulkin of Valor Equity Partners added that combining consumer product development with differentiated operational technology provides a base to build multiple category-focused brands across modern retail.
"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."
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