US-based protein bar brand David has secured $75m in a Series A funding round to “scale” manufacturing.
The round was led by investment firm Greenoaks, with participation from Valor Equity Partners.
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In a statement, David said the new capital will also be used to accelerate product development and expand inventory “to meet surging demand” for its protein-bar products.
David co-founder and CEO Peter Rahal said: “Our mission is simple: to remove unnecessary calories and sugar from the American diet and replace them with what the body actually needs, which is high-quality protein.
“We’re building tools that make it easier to eat well without compromise. The response to David has been overwhelming, and this funding allows us to scale faster and stay focused on our mission of providing solutions to support and improve people’s health and wellbeing.”
David, meanwhile, has acquired food ingredient supplier Epogee, which develops a plant-based fat alternative called EPG.
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By GlobalDataThe ingredient can “significantly” cut down calories and fat without “compromising taste or texture”, it said.
Rahal added: “Acquiring Epogee strengthens our ability to scale by securing a key ingredient that helps us reduce calories and fat without compromising taste. This is about gaining control over our supply chain to move faster, stay true to our mission, and deliver food that improves health.”
In September, David debuted its flagship product with the “highest protein-to-calorie ratio on the market”: a protein bar offering 28g of protein, zero sugar, and 150 calories.
Since its launch, David has expanded into more than 3,000 retail locations across the US, including a recent partnership with Wegmans.
The company added it anticipates reporting over $100m in revenue within its first year of commercial operations.
In August, David secured $10m in a seed funding round, with investors including Dr Layne Norton, Dr Andrew Huberman and Dr Peter Attia, who serves as the chief science officer of the brand.
