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- David
David Revenue, Valuation, Funding & Investors
David is valued at $2.3B as of September 2026, a 7.5x multiple on its last reported $300M revenue.
Last David valuation
$2.3B
Series B · Sep 2026
Last David funding round
$250M
Series B · Sep 2026
David revenue
$300M
Series B · Sep 2026
Key investors in David
Valor Equity Partners
Greenoaks
Peter Rahal
ICONIQ Capital
Imaginary Ventures
Valor Siren Ventures
About David
David produces high-protein, low-calorie food bars formulated to maintain stable blood sugar levels and support muscle building during weight loss. The company's bars feature 18 grams of protein from grass-fed whey and collagen, under 150 calories, and natural flavors like chocolate chip cookie dough and salted caramel. Available direct-to-consumer via davidprotein.com, the products ship nationwide from its U.S. facilities.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$300M (Sep 2026)
Valuation
$2.3B (Sep 2026)
Sectors
David Valuation
David is currently valued at $2.3B, based on its Series B in September 2026.
The $250M round was led by Greenoaks and Valor Equity Partners, with participation from ICONIQ Capital, Peter Rahal and Imaginary Ventures.
David's valuation has grown 3.1x from $725M at its Series A in May 2025 to $2.3B in September 2026, across 2 priced rounds.
David valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Series B | $2.3B | 7.5x |
| May 2025 | Series A | $725M | 7.3x |
David Revenue
David's latest recorded revenue is $300M, as of its Series B in September 2026. At a $2.3B valuation, that implies a 7.5x revenue multiple.
Revenue grew from $100M in May 2025 to $300M in September 2026, while the revenue multiple moved from 7.3x to 7.5x.
David revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2026 | $300M | $2.3B | 7.5x | Series B |
| May 2025 | $100M | $725M | 7.3x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
David Funding History
David has raised a total of $335M across 3 funding rounds.
David's first fundraising round was a $10M seed round in August 2024. The most recent completed round was a $250M Series B in September 2026.
David funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series B | Greenoaks (lead); Valor Equity Partners (lead); ICONIQ Capital; Peter Rahal; Imaginary Ventures | $250M | $2.3B | Medici Brands, the parent company of David Protein and newly launched confectionery brand HallPass, raised $250 million in a Series B financing co-led by Greenoaks and Valor Equity Partners in September 2026, with participation from Peter Rahal, ICONIQ, and Imaginary Ventures. The round valued the business at $2.25 billion and follows the $75 million Series A raised in 2025 from Greenoaks and Valor Equity Partners. The capital is intended to expand HallPass’ retail footprint, extend David into new formats and categories, advance product innovation, and support the launch of a third brand, Rowdy. David said it was on pace to generate more than $300 million in revenue in 2026, and the financing was described as one of the largest recent fundraises by a privately held food company. Medici Brands is led by CEO and founder Peter Rahal and operates as the parent platform for David Protein, a zero-sugar high-protein snack brand launched in 2024, alongside HallPass and the planned Rowdy brand. The company has raised $335 million in total funding. |
| May 2025 | Series A | Greenoaks (lead); Valor Equity Partners | $75M | $725M | David is a nutrition brand that designs functional food products to increase muscle and decrease fat. Founded by Peter Rahal and Zach Ranen, the company launched its flagship product—a protein bar with 28 grams of protein, zero sugar, and 150 calories—in September 2024, achieving the highest protein-to-calorie ratio on the market. The brand grew rapidly to over 3,000 retail locations within one year of launch and garnered backing from prominent health experts including Dr. Layne Norton, Dr. Andrew Huberman, and Dr. Peter Attia, who serves as Chief Science Officer. In May 2025, David closed a $75 million Series A funding round led by Greenoaks with participation from Valor Equity Partners. The company anticipated reporting over $100 million in revenue within its first year of commercial operations. Concurrent with the Series A, David acquired Epogee, a food technology company specializing in EPG, a plant-based fat alternative that reduces calories and fat without compromising taste or texture. The acquisition vertically integrates David's supply chain—the company consumes 90% of Epogee's supply—while opening new revenue streams through ingredient licensing. David plans to use the Series A capital to scale manufacturing, accelerate product development, expand inventory, and develop additional product lines including meal replacements, shakes, and ready-to-eat foods, all grounded in science-backed nutrition focused on muscle gain and fat reduction. |
| Aug 2024 | Seed | Peter Rahal (lead); Andrew Huberman; Peter Attia; Layne Norton; Valor Siren Ventures | $10M | - | David is a protein bar brand founded by Peter Rahal, co-founder of RXBAR, and Zach Ranen, former founder of RAIZE. The company positions itself around science-backed nutrition focused on muscle growth and fat reduction. David's flagship product is a protein bar containing 28 grams of protein, 150 calories, and zero grams of sugar—delivering a higher protein-to-calorie ratio than competitors like Quest and Barebells. The company launched in September 2024 following a $10 million seed funding round announced in August 2024, led by CEO and co-founder Rahal with participation from Valor Siren Ventures, physician Peter Attia (Chief Science Officer), and neuroscientist Andrew Huberman. The capital was allocated to product development, R&D, team expansion, and retail distribution. By August 2025, the company was projected to achieve over $100 million in first-year revenue. David also acquired Epogee, its alternative plant-based fat ingredient supplier, to secure supply chain access and expand innovation capabilities beyond protein bars. |
Who has invested in David?
9 investors have backed David across its funding rounds, including Valor Equity Partners, Greenoaks, Peter Rahal, ICONIQ Capital, Imaginary Ventures and Valor Siren Ventures.
Lead investors include Greenoaks, Valor Equity Partners and Peter Rahal.
David Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2025 | ||
| 2 | Lead | May 2025 | ||
| 2 | Lead | Aug 2024 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
This data is available for Pro users. Sign up to see all 9 David investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by David
David has acquired 1 company to date.
Last acquisition by David was on May 29th 2025. David acquired Epogee for undisclosed valuation.
Latest Acquisitions by David
| Description | Epogee is an Indianapolis-based producer of fat replacement and flavor enhancement ingredients for the food industry, including lipid alternatives for reduced-calorie products. |
| HQ Country | |
| HQ City | Indianapolis, IN |
| Deal Date | 29 May 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all David acquisitions and their M&A valuation multiples. Start Free Trial | |
David Competitors
David competitors include listed companies like Premier Foods, CR Beverage, Anadolu Efes and Alicorp, and private ones like Bowery Farming and Gousto.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.6B | $332M | $2.2B | 1.5x | ||
| Private | - | - | $2.3B | - | ||
| Publicly listed | $1.6B | $263M | $2.2B | 0.9x | ||
| Publicly listed | $5B | $1.1B | $2.3B | 1.0x | ||
| Publicly listed | $3.5B | $339M | $2.2B | 0.9x | ||
| Private | $415M | $56M | $2.1B | - |
David Public Comps
David is still privately-owned, but its public comps include Premier Foods, CR Beverage, Anadolu Efes, Alicorp, Kent Gıda, Chagee, Maple Leaf Foods, Tiger Brands, ITO EN and Savola Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $332M | 1.5x | 1.5x | 7.1x | 7.6x | |||
| $1.6B | $263M | 0.8x | 0.9x | 5.2x | 5.3x | |||
| $5B | $1.1B | 1.3x | 1.0x | 5.6x | 5.9x | |||
| $3.5B | $339M | 0.9x | 0.9x | 9.6x | 6.2x | |||
| $12M | $355K | 181.0x | - | 6122.4x | - | |||
| $1.9B | $241M | 0.7x | 0.7x | 5.8x | 4.6x | |||
| $2.8B | $306M | 1.1x | 1.1x | 10.3x | 8.6x | |||
| $2.1B | $414M | 1.2x | 1.1x | 6.0x | 7.7x | |||
This data is available for Pro users. Sign up to see all David competitors and their valuation data. Start Free Trial | ||||||||
Common questions about David
| When was David founded? | David was founded in 2023. |
| Where is David headquartered? | David is headquartered in New York City, NY, United States. |
| Is David publicly listed? | No, David is a private, VC-backed company. |
| What is David's valuation? | David was last valued at $2.3B in its Series B in September 2026. |
| How much funding has David raised? | David has raised $335M across 3 funding rounds. |
| What was David's last funding round? | David's last funding round was a $250M Series B in September 2026, led by Greenoaks and Valor Equity Partners. |
| Who are David's investors? | David's investors include Greenoaks, Valor Equity Partners, Peter Rahal, ICONIQ Capital, Andrew Huberman, Peter Attia, Layne Norton, Valor Siren Ventures and Imaginary Ventures. |
| What is David's revenue? | David's latest recorded revenue is $300M (September 2026). |
| What is David's revenue multiple? | David's latest valuation implies a 7.5x revenue multiple ($2.3B valuation on $300M of revenue). |
| Which companies are comparable to David? | Companies comparable to David include Premier Foods, Bowery Farming, CR Beverage, Anadolu Efes, Alicorp and Gousto. |
| How many companies has David acquired? | David has acquired 1 company, including Epogee. |
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