Medici Brands closes $250 million Series B at $2.25 billion valuation

Medici Brands, the holding company behind protein bar maker David Protein and newly launched confectionery label HallPass, has closed a $250 million Series B at a $2.25 billion valuation. Greenoaks and Valor Equity Partners co-led the round, with additional participation from ICONIQ, Imaginary Ventures and investor Peter Rahal.

The raise positions Medici among the more heavily capitalized emerging food portfolio companies in the market. David Protein has reached more than 35,000 retail locations, and the company is projecting revenue in excess of $300 million for 2026. HallPass, the confectionery label added to the portfolio more recently, is expanding its retail footprint, and a brand called Rowdy is among the additions Medici has signaled for the near term. The breadth of the investor syndicate, spanning growth equity, venture and individual strategic participants, indicates confidence in the platform that extends across different investor profiles.

The scale of the round reflects a deliberate bet on the multi-brand model, with Medici anchoring the portfolio around David Protein's demonstrated distribution scale before layering in adjacent categories. The $2.25 billion valuation on a projected $300 million revenue base implies a multiple that prices in meaningful growth from brands that have not yet matched the flagship's retail penetration.

Why it matters

The multi-brand holding company model in food and beverage has historically produced mixed results. A flagship brand often subsidizes slower-moving siblings, and corporate overhead compounds as the portfolio widens. Medici's sequencing, building behind a proven anchor before expanding into confectionery and further categories, represents a more deliberate approach than many predecessors have managed. For the broader CPG market, the round signals that institutional investors remain willing to fund platform bets at scale when an anchor brand can demonstrate both retail velocity and revenue credibility. A $2.25 billion valuation also raises the stakes considerably for each new label added to the portfolio.

What to watch

The clearest open question is distribution velocity. David Protein's 35,000-plus door footprint represents a high benchmark for any sibling brand to match. Whether HallPass and the forthcoming Rowdy can build comparable retail density within a timeframe that justifies the current valuation, or whether they require years of patient capital before meaningful contribution, will determine how the Medici portfolio thesis holds beyond its anchor brand.

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