Pomegra
David Protein's parent company closes a $250 million Series B led by Greenoaks and Valor Equity Partners, tripling its valuation to $2.25 billion in under two years.
- Medici Brands raised $250M in Series B funding on September 2, 2026, at a $2.25B post-money valuation.
- Lead investors Greenoaks Capital and Valor Equity Partners also led the prior $75M Series A in 2025.
- The company projects $300M+ in 2026 revenue across David Protein, newly launched HallPass candy, and a third brand in development.
The Round
Medici Brands, the consumer holding company behind the David Protein bar, announced a $250 million Series B financing on September 2, 2026, pushing its post-money valuation to $2.25 billion. That figure is roughly triple the $725 million valuation the company carried after its Series A just a year earlier.
Greenoaks Capital and Valor Equity Partners led the round, reprising their roles from the 2025 Series A. New money came in from ICONIQ, Imaginary Ventures, and Peter Rahal, the founder of RXBAR, adding a notable operator voice to the cap table. The full deal structure - debt versus equity composition - was not disclosed.
What Does Medici Brands Actually Do?
Medici operates as a brand house for better-for-you consumer food products, building or launching brands under one holding structure rather than betting everything on a single product line. Its flagship, David Protein, launched direct-to-consumer in September 2024 with a bar format offering 28 grams of protein, 150 calories, and zero sugar. In under two years, it expanded into 35,000-plus retail doors, including Walmart, Target, and Costco.
The second brand, HallPass, entered the confectionery category and went live nationwide at Walmart in August 2026. The pitch: classic candy taste at a fraction of the calories and sugar. A third brand, internally called Rowdy, is expected later in 2026, though the product category has not been confirmed.
The holding-company model is deliberate. Rather than extending David Protein into adjacent categories, Medici treats each launch as a standalone brand with its own identity and retail strategy. The tradeoff is operational complexity; running three brands simultaneously demands supply chain and marketing capacity that a single-brand startup rarely needs this early.
Why Does the Valuation Jump Matter?
A $725 million valuation to $2.25 billion in roughly 12 months is the kind of move that demands scrutiny, not celebration. The implied multiple assumes Medici's current revenue trajectory holds and that HallPass converts retail shelf space into sustained volume rather than a launch spike.
The company says it is on track to surpass $300 million in 2026 revenue, which would make it one of the fastest food companies to reach that scale. If that figure holds, the $2.25 billion valuation sits at roughly 7.5x forward revenue - aggressive but not irrational for a high-growth consumer brand with proven retail penetration. The protein bar and better-for-you snack categories have attracted significant capital over the past three years, and David Protein has demonstrably moved product at scale in the channels that matter to institutional investors.
What Problem Is Medici Solving in the Candy Category?
The launch of HallPass targets a specific tension in the confectionery market: consumers who want familiar candy formats but are unwilling to accept the sugar load those products traditionally carry. The category is large and entrenched, which means distribution is achievable but shelf velocity against established brands is the real test.
Getting a Walmart launch is a milestone; sustaining replenishment orders six months later is the actual proof point. At this stage, HallPass has a retail footprint but not yet a track record.
How Does This Compare to the Broader Funding Environment?
Consumer food and beverage funding has remained selective through 2025 and into 2026. Brands with proven retail velocity and strong unit economics have continued to attract capital, while concept-stage companies have found the environment considerably tighter. Medici's ability to close a nine-figure round with the same lead investors as its prior round signals continuity of conviction from Greenoaks and Valor rather than a competitive auction for the deal.
The participation of ICONIQ and Imaginary Ventures - both with consumer brand track records - adds breadth without signaling that the original backers needed company to write the check.
Outlook
Medici Brands enters the second half of 2026 with significant capital, three brands at varying stages of maturity, and a valuation that requires the revenue trajectory to continue. The near-term test is HallPass: whether a candy brand built on the same better-for-you thesis that worked for David Protein can find durable consumer demand in a category where switching costs are low and brand loyalty runs old. The longer-term question is whether the holding-company model creates compounding value or compounding overhead. A third brand launch before the end of the year will offer an early answer.
