David’s $75M Bet on High-Protein, Low-Calorie Nutrition Includes a Strategic Bite of Food Tech Player Epogee

Courtesy: David

Barely a year after launch, functional food startup David has landed a $75 million Series A and acquired Epogee, the maker of a controversial fat-replacement ingredient, in a move that blends bold nutrition claims with calculated supply chain control.

The round—led by Greenoaks with backing from Valor Equity Partners—follows a breakout first year for the brand, which debuted its high-protein, zero-sugar bar in September 2024. The product claims a record-setting 28 grams of protein for just 150 calories, helping the brand scale rapidly into 3,000 retail locations across the US and project over $100 million in revenue in its first 12 months.

But David’s ambitions extend beyond protein bars. Its acquisition of Epogee, maker of EPG—a modified plant-based oil designed to slash calories and fat from processed foods—signals a bid to vertically integrate its supply chain while doubling down on its mission to deliver "nutrition without compromise." For a startup still in its first year of commercial life, it’s a power move that’s raising eyebrows across both the food tech and wellness sectors.

“We are not here to make another snack,” said co-founder and CEO Peter Rahal, better known for founding RxBar. “We’re here to advance nutrition.”

Whether that nutrition is truly advanced—or simply optimized for the metabolic zeitgeist—is less clear. The involvement of high-profile advisors like Dr. Peter Attia and Dr. Andrew Huberman has certainly boosted the brand’s health halo, but Epogee’s EPG has a mixed reputation. Marketed as a “fat replacement without trade-offs,” EPG is structured to resist full digestion, meaning fewer absorbed calories. Critics argue it flirts with the same logic—and risks—of older fat substitutes like olestra, though Epogee maintains EPG avoids those side effects.

From an investment perspective, however, David’s strategy makes sense. EPG has already been used in a number of mainstream products aiming to lower caloric density, and bringing it in-house gives David greater flexibility on formulation, pricing, and future product lines. For food tech investors watching the integration of ingredient IP into consumer-facing brands, it’s a case study in how lean product portfolios can wield deeper tech assets.

For Rahal, it’s about building a platform that doesn’t just sell better-for-you snacks, but controls the levers behind them. “This is about gaining control over our supply chain to move faster, stay true to our mission, and deliver food that improves health,” he said.

That mission fits neatly into an emerging playbook for next-gen CPG brands: pair direct-to-consumer-friendly branding with hard science, tech-enabled ingredients, and a functional promise strong enough to attract both longevity influencers and institutional capital.

Still, the brand’s framing—“tools to increase muscle and decrease fat”—has drawn some criticism for reducing food to function, perpetuating reductive narratives about body composition and health. It also raises questions about how consumer appetite will evolve: Is there long-term loyalty for highly engineered, single-macro snacks in a market increasingly seeking whole-food minimalism and clean labels?

For now, David is riding a wave of protein-centric health culture, with celebrity scientists, shelf space, and venture backing in its corner. The acquisition of Epogee may give it the backend strength to scale—but whether it can move beyond a single breakout bar and deliver on its bigger nutrition promise remains to be seen.

One thing’s clear: in a market where protein still reigns and calories are under siege, David isn’t just playing to win on taste or brand—it’s aiming to own the tech stack behind the next generation of “smart” nutrition.