Medici Brands Raised $250 Million at Billion-Dollar Valuation

The funding round values the food company at $2.25 billion as founder Peter Rahal reaches billionaire status.

Updated on Sept. 25, 2026 in Healthcare

Isometric editorial illustration of a golden wheat stalk balanced on a scale against heavy steel cubes, representing corporate valuation. — Medici Brands, maker of David protein bars, secured $250 million in a new funding round that values the food company at $2.25 billion. AI Illustration. Upload story photo >

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Medici Brands secured $250 million in a capital raise finalized in September 2026, pushing the company valuation to $2.25 billion. The deal marks the largest food industry transaction of 2026, following the launch of the firm's David protein bars two years prior.

Why it matters

The valuation reflects significant investor confidence in the growth trajectory of newer wellness-focused food brands, positioning Medici Brands among the industry's most high-value independent players. The deal size signals that despite broader market headwinds, capital remains available for proven founders.

Medici Brands raised $250 million at a $2.25 billion valuation, accounting for the largest food industry deal of 2026. Founder Peter Rahal contributed $20 million to the round and maintains a 70% ownership stake in the firm.

The players

Peter Rahal

Founder and entrepreneur with a 70% stake in Medici Brands who previously sold RxBar to Kellogg.

Medici Brands

A food industry company currently valued at $2.25 billion known for the David protein bar brand.

The Hershey Company

A major multinational confectionery and snack company that acquired LesserEvil in 2025.

The details

The capital raise was structured to value Medici Brands at $2.25 billion, a significant milestone for the firm since the retail launch of its David protein bars in September 2024. Peter Rahal, who holds a 70% stake in the entity, invested $20 million of the new capital himself. The company is currently on track to exceed $300 million in revenue by the end of 2026, supported by these capital inflows.

In 2017, Rahal sold RxBar to Kellogg for $600 million.
In September 2024, David protein bars launched in retail stores.
In 2025, The Hershey Company purchased LesserEvil for $750 million.
In September 2026, Medici Brands raised $250 million in capital.
By December 2026, company revenue is expected to exceed $300 million.

Market Landscape

The deal illustrates the ongoing consolidation of the wellness snack space, following the 2025 acquisition of LesserEvil by The Hershey Company for $750 million. This transaction highlights a continued trend where large incumbents pay significant premiums for high-growth food assets.

Operators should monitor the $300 million revenue milestone expected by year-end 2026 as a benchmark for scaling premium CPG brands. The high valuation highlights the importance of maintaining significant equity control, as seen in the founder's 70% ownership position.

The takeaway

This capital raise demonstrates that high-growth food ventures can still achieve multi-billion dollar valuations despite volatile market conditions. Operators should track the revenue growth velocity of emerging snack brands as a signal for potential M&A activity within the broader food industry.