David Raises $75M to Acquire Epogee and Revolutionize the Protein Bar Market

By Agroempresario.com

In a bold move to redefine the functional food market, David, the protein-packed bar brand founded by RXBAR co-founder Peter Rahal, has raised $75 million in a Series A funding round. The capital will primarily support the acquisition of Epogee, a foodtech startup behind the revolutionary fat-replacer EPG, alongside fueling David’s rapid retail and product expansion.

The Series A round was led by investment firm Greenoaks, with participation from Valor Equity Partners, bringing David’s post-money valuation to $725 million—an astonishing leap for a brand launched only last September. Rahal projects $140 million in first-year revenue, a trajectory he claims puts David among the fastest-growing food brands in history.

“I think that probably makes us one of the fastest growing food brands in history,” said Rahal in an interview with AgFunderNews.

EPG: The “Next Gen” Fat Replacement

At the center of this acquisition is EPG (esterified propoxylated glycerol)—a modified plant-based oil that looks and functions like traditional fat but delivers a fraction of the calories. While 1 gram of conventional fat has 9 calories, 1 gram of EPG contains just 0.7. This is achieved through a unique process that makes the oil resistant to lipase, the enzyme responsible for fat digestion, thus preventing the body from absorbing its full caloric load.

Unlike older fat substitutes such as Olestra, which had undesirable side effects, EPG behaves like fat in both food manufacturing and human metabolism. This functional advantage has made it a cornerstone in David’s formulation strategy, enabling the brand to maximize protein content while minimizing fats and sugars.

“David accounts for about 90% of Epogee’s revenue, so securing supplies of EPG is mission critical for us,” Rahal explained. “Acquiring Epogee also really widens the aperture of our vision and our ability to address different consumer needs across different populations.”

Ultra-Processed, But With Purpose

David’s protein bars deliver 28 grams of protein, zero sugar, and only 150 calories, targeting health-conscious consumers, athletes, and individuals on GLP-1 medications such as Ozempic, who aim to preserve lean muscle while losing weight.

To achieve this formulation, David uses ingredients often labeled as ultra-processed, such as sucralose, allulose, maltitol, and now EPG. Rahal argues that today's consumers are less concerned about clean-label purism and more focused on functionality and metabolic impact.

“People don’t want to eat too many calories or spike their blood sugar in order to get the protein they need,” Rahal noted. “We advocate a balanced whole food diet, but our products are tools.”

This functional nutrition strategy aligns with medical recommendations for GLP-1 users, whose care plans often emphasize resistance training and high protein intake.

TikTok, Virality, and New Distribution Frontiers

Initially launched as a direct-to-consumer brand, David quickly gained traction online, expanding to Amazon and entering brick-and-mortar retail channels. Rahal credits much of the brand’s rapid rise to social media virality, particularly on TikTok, where the product’s bold packaging, high protein, and low calorie count have proven highly shareable.

“Now it’s all Instagram, Facebook, and TikTok,” said Rahal. “We gift our product to people and they naturally start talking about it.”

While Rahal built RXBAR using traditional retail strategies, he acknowledges that today’s fragmented media landscape requires a hybrid approach combining influencer engagement, e-commerce, and physical retail. 

Controlling the Supply Chain

The Epogee acquisition is more than a technological bet—it's a strategic supply chain move. Given that David’s demand currently occupies all of Epogee’s production capacity, the acquisition ensures exclusive access and uninterrupted supply of EPG during this critical phase of growth.

David will operate Epogee as a wholly owned subsidiary, retaining its existing team while prioritizing internal supply needs.

“We need it to be serving David as a customer,” Rahal emphasized.

What’s Next?

David’s immediate focus is to scale production, build inventory, and expand distribution. Future plans include new product categories, though the company remains firmly committed to perfecting its flagship bars first.

With a clear value proposition, a first-mover advantage in the use of EPG, and a strategy rooted in both health science and media savvy, David is not just another protein bar—it’s redefining the rules of functional snacking.