NEW YORK — After launching in September 2024 and raising $10 million in a seed round, protein bar maker David has now raised $75 million in a Series A round. The funding was led by Greenoaks with participation from Valor Equity Partners. David plans to scale its manufacturing, accelerate product development and expand inventory.

David also acquired its alternative plant-based fat ingredient supplier, Epogee, which will operate as a subsidiary of David, according to Peter Rahal, co-founder and chief executive officer of David.

“We (David) consume 90% of their (Epogee) supply,” Rahal said in an interview with Food Business News. “The acquisition secures supply for us so we can fulfill all the demand for David. And then second, it widens the aperture of our vision for where we can innovate and bring great, valuable products to market.”

Rahal said David was created based on three principles: “Don’t overeat calories, get an adequate amount of protein and don’t spike your blood sugar. There was an opportunity to make a bar with more protein, fewer calories, and zero sugar.”

David’s protein bar features 28 grams of protein, zero sugar and 150 calories.

The product is formulated with milk protein isolate, collagen, whey protein concentrate and egg whites as well as maltitol, allulose, glycerin, soluble corn fiber, tapioca starch and soy lecithin.

David also uses a modified plant fat called EPG (esterified propoxylated glycerol), and coconut oil in its fat system.

EPG is supplied by Epogee and is a technology that may help manufacturers lower calories in a variety of food and beverage applications, according to the company. Unlike fat substitutes that are based on sucrose or starch molecules, EPG is made from fat and does not require the addition of sugar or other ingredients like starches, gums, binders, preservatives and flavor enhancers currently used in low-fat and low-calorie foods.

“Most of the market and the protein bar space is around 20 grams of protein,” Rahal said. “We have 28 grams of protein in our product. (And) on calories, the market is around 200 calories per bar, we are 150 calories. We measure calories coming from protein so we have 75% of our calories coming from protein.”

The company said it compared the nutritional numbers from competitors within the industry such as Quest and Barebells.

“We have a product that creates a lot of consumer surplus,” Rahal said. “(And) when you have a product like ours, it makes a lot of customers happy and so you get a lot of organic word of mouth. (So) really satisfying customers has been the strategy for the company and making the product available for customers to buy at the right price.”

While David is focused on protein bars for now, Rahal said the company is looking at adding different flavors and product lines in the future.

“We have a new bar line coming out in the fourth quarter,” he said. “After that we have some other exciting things that are in different categories.