The Controversial Rise of David Protein: $2 Billion in 2 Years

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David Protein launched in September 2024, and the company behind it is now valued at $2.25 billion. The founder, Peter Rahal, already sold RXBAR to Kellogg for $600 million, and he ran the same playbook again: a product that looks like nothing else on the shelf, an audience the rest of the category ignored, and a waiting list before the first sale. I break down all three, plus the controversial move behind it: David bought the company that makes its key ingredient, and it hit brands my business partner and I were building.

(0:00) How a 2-year-old protein bar got to a $2.25B valuation
(1:53) Peter Rahal and the RXBAR playbook
(3:32) After the RXBAR exit, he went right back to protein bars
(4:58) Building the team before the first sale
(6:07) Stacking the deck, and raising $10M before launch
(7:49) Product: charging 50% more in a saturated market
(10:03) Audience: going after women when protein was marketed to men
(12:08) Sales channel: one product, one page, one waiting list
(13:52) EPG, the controversial ingredient, and why it's personal for me
(15:48) David buys Epogee
(17:37) Gatsby Chocolate, Halo Top and David ice cream
(18:52) Medici and the $2.25B valuation
(21:00) The playbook Peter Rahal ran twice

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