Sacra estimates that David has generated $102 million in revenue in 2024 as of June, up from $8 million in 2023. The company achieved remarkable early traction since its September 2023 launch, generating $1 million in sales during its first week and reaching $3.3 million in revenue from 1 million bars sold within the first six weeks of launch.

The revenue trajectory shows explosive month-over-month growth, climbing from approximately $250,000 per day in the first week to an estimated $17 million monthly run rate by mid-2024. This acceleration was driven by rapid retail expansion, reaching 3,000 U.S. retail doors within eight months of launch, combined with strong direct-to-consumer subscription momentum.

David's average selling price of approximately $3.25 per bar positions it in the premium protein bar segment, significantly above mass-market competitors that typically retail for $1.70-$2.10 per bar. The company's revenue model combines direct-to-consumer sales through its Shopify storefront with wholesale distribution to gyms, campus stores, and grocery retailers.

David raised $75 million in a Series A round in May 2025, led by Greenoaks with participation from Valor Equity Partners. The company has raised $85 million in total funding, including a $10 million seed round completed in August 2024.

The seed round was led by co-founder and CEO Peter Rahal with participation from Valor Siren Ventures, along with notable angel investors including physician Peter Attia and neuroscientist Andrew Huberman.

David is a high-protein nutrition bar engineered to deliver 28 grams of complete protein in just 150 calories with virtually zero sugar. The bars use a proprietary four-way protein blend combining milk protein isolate, collagen, whey concentrate, and egg white to achieve a perfect 1.0 PDCAAS score for complete amino acid profiles.

The key innovation lies in David's fat replacement system using EPG, a plant-based, largely non-digestible fat that provides the mouthfeel and texture of traditional fats at roughly one-quarter the calorie density. This allows David to achieve industry-leading protein density, with 75% of calories coming from protein compared to approximately 40% in competing products like Quest bars.

David offers seven core flavors including Chocolate Chip Cookie Dough, Fudge Brownie, and Peanut Butter Chocolate Chunk, plus limited seasonal releases. The bars are manufactured in a U.S. SQF-Level 3 certified facility and ship shelf-stable with a one-year shelf life. Consumers can purchase through direct-to-consumer channels via 12-bar cartons or 4-bar sample packs, with subscription options offering 10% discounts for recurring deliveries every 2-8 weeks.

David operates a B2C and B2B business model combining direct-to-consumer sales with wholesale distribution. The company's go-to-market strategy leverages both online subscription commerce and rapid retail expansion to capture market share across multiple channels.

The monetization model centers on premium pricing at approximately $3 per bar, enabled by David's differentiated nutritional profile and proprietary EPG fat technology. Direct-to-consumer sales through the company's Shopify platform generate higher margins, while wholesale distribution provides volume scale and brand exposure through 3,000 retail locations.

David's vertical integration strategy became more pronounced with the acquisition of Epogee, the manufacturer of EPG fat replacer. This move eliminates a critical supply chain dependency while converting what was previously a 30-35% gross margin drag into a controlled cost center. The acquisition also creates potential for B2B revenue streams by licensing EPG technology to third-party food manufacturers once David's own volume requirements are satisfied.

The business model benefits from subscription dynamics in the direct-to-consumer channel, where customers can set up recurring deliveries that improve lifetime value and cash flow predictability. Wholesale partnerships require 72-bar minimum orders and serve as customer acquisition vehicles that drive consumers back to higher-margin subscription purchases.

Quest Nutrition, Clif Bar, ONE Brands, and Pure Protein dominate the protein bar market through vertical integration and national distribution advantages. These players maintain over 80% all-commodity volume in major retail chains and leverage their scale to secure favorable whey and soy protein contracts, enabling aggressive pricing at $1.70-$2.10 per bar.

Quest has responded to the low-sugar trend with Quest+ bars using soluble corn fiber and allulose to achieve 3 grams net carbs, directly targeting David's metabolic positioning. The incumbents are also experimenting with partnerships, including Quest's pilot program with continuous glucose monitoring company Levels to retain health-conscious consumers.

RXBAR, KIND Protein, No Cow, and GoMacro compete on ingredient transparency and clean formulations. RXBAR's May 2025 launch of an 18-gram protein bar with only 6 ingredients and under 220 calories represents a direct challenge to David's high-protein, low-additive positioning.

These competitors benefit from parent company distribution muscle while maintaining startup-style brand voices. RXBAR's Target exclusive launch demonstrates how clean-label players can secure premium retail placement while undercutting David's price point. The challenge for David is maintaining its premium positioning as clean formulations become commoditized.

Built Bar, Barebells, ONE Bar, and Think! focus on candy-like textures and indulgent experiences while maintaining protein content. Built Bar's fluffy centers and chocolate coating create dessert-like experiences that compete directly with David's positioning as a treat replacement.

These competitors have mastered social media marketing, particularly on TikTok, where texture-focused content drives viral adoption. David must compete not just on nutritional metrics but on the sensory experience and social shareability that drives modern food brand growth.

David's control of EPG fat replacement technology creates opportunities to expand beyond protein bars into adjacent categories where fat reduction has historically compromised taste. The company can leverage its high-protein, low-calorie formulation expertise to develop RTD shakes, baking mixes, or savory snacks that maintain the same metabolic benefits.

The acquisition of Epogee positions David to commercialize ultra-low-calorie versions of traditional confections like peanut butter cups or cookies, opening incremental TAM beyond sports nutrition into mainstream snacking. CEO Peter Rahal has indicated the company has permission to expand into any category that increases muscle and decreases fat while maintaining high differentiation on macronutrient profiles.

David's rapid retail rollout to 3,000 doors in eight months demonstrates the potential for mass-channel expansion into Walmart, Costco, and Target. Series A funding is specifically earmarked for these mass-market wins that would expose the brand to mainstream shoppers beyond the current fitness-focused core.

The workplace wellness opportunity represents significant untapped potential, as David's blood-sugar-friendly positioning aligns with the growing trend of employer-funded metabolic health programs. Bulk-pack SKUs for offices, gyms, and healthcare systems could expand TAM without cannibalizing higher-margin direct-to-consumer sales.

David launched direct shipping to Canada in May 2025, marking its first international expansion. The company's clean label and sugar-free formulation positions it well for European markets, where it would avoid HFSS taxes while entering regions where protein-fortified snacks already outgrow the broader bar category.

Latin America and Middle East distributors have expressed early interest, with David's formulation remaining halal and kosher-certifiable once gelatin is removed. The company's ownership of Epogee makes this formulation adjustment straightforward while opening access to markets where dietary restrictions create barriers for traditional protein bars.

Ingredient dependence: Despite acquiring Epogee, David's entire value proposition relies on EPG fat replacement technology that remains relatively untested at massive scale. Any quality control issues, regulatory challenges, or production constraints with EPG could severely impact David's ability to maintain its differentiated nutritional profile and cost structure.

Premium positioning pressure: David's $3+ per bar pricing faces increasing pressure as incumbents like Quest launch competing low-sugar formulations and clean-label players like RXBAR introduce high-protein alternatives. The company must maintain its premium positioning while larger competitors leverage scale advantages to offer similar nutritional benefits at lower price points.

Regulatory scrutiny: The protein bar industry faces growing regulatory attention around health claims and novel ingredients like EPG. Any FDA restrictions on fat replacers or requirements for additional safety testing could disrupt David's supply chain and force costly reformulations that eliminate its core competitive advantages.