David Protein's owner hits a $2.25B valuation on a $250M Series B

What Happened

Medici Brands, the owner of high-protein snack brand David Protein, closed a $250 million Series B led by Greenoaks and Valor Equity Partners at a $2.25 billion valuation. Built on a patented alt-fat ingredient called EPG, the two-year-old brand is projecting roughly $300 million in 2026 revenue across 35,000 retail doors including Walmart, Target and Costco, and has already spun the same formulation into candy (HallPass) and chips (Rowdy).

Why It Matters

A $2.25B valuation for a two-year-old protein-bar brand signals investors still see room to run in high-protein snacking, and betting that one patented fat-replacement ingredient can be stretched across candy and chips shows how far a single formulation platform can be pushed.

Customers no longer have to choose between great macros and great taste.

FET's Takeaway

The interesting engineering story here isn't the funding round, it's that EPG — a single fat-replacement platform — apparently transfers cleanly across three very different food matrices (bar, candy, chip); that kind of cross-category portability is rare and worth watching for where else it could go, like ice cream or baked snacks.