Medici Brands, the parent company of David Protein and confectionery brand HallPass, announced a $250 million Series B on September 2. Existing investors Greenoaks and Valor Equity Partners co-led the financing, with participation from founder and chief executive Peter Rahal, ICONIQ and Imaginary Ventures.
Bloomberg and Axios reported that the round values Medici at $2.25 billion, roughly three times its prior mark. The company's own announcement confirmed the financing amount and investors but did not state the valuation, so Captables treats $250 million as confirmed and the $2.25 billion valuation as a reported benchmark.
The financing follows David Protein's $75 million Series A in 2025, which Greenoaks and Valor also led. Medici said David is now carried in more than 35,000 retail locations and is on track to exceed $300 million of revenue in 2026. Those operating figures come from the company and have not been independently verified by Captables.
Medici plans to use the new capital to expand HallPass in retail, extend David into additional formats and categories, fund product development and build infrastructure for more consumer brands. The company has positioned itself as a portfolio rather than a single protein-bar business, with HallPass already launched and another brand, Rowdy, planned for later this year.
For private-market participants, the round creates a fresh financing and valuation reference but not a complete ownership ledger. Public disclosures do not include the preferred share price, fully diluted share count, investor allocations, primary-versus-secondary mix, liquidation preference or post-money ownership. The reported $2.25 billion valuation should therefore not be treated as a verified price for every security held by employees or earlier investors.