The next big protein company
CPG and Retail news from the week of 5/26/25
Hello hello!
Last week was BUSY! David raised $75M, rhode was acquired for a cool $1B, and AG1 launched its first-ever retail partnership. We’re going to get into that and more. So grab your coffee, snack, and let’s get into the news →
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News From the Week
David, the 8-month-old protein bar brand founded by former RXBar founder Peter Rahal, just closed a $75M Series A (led by Greenoaks with Valor Equity Partners) AND acquired its ingredient supplier, Epogee.
The icing on the cake? The company is on pace to hit $100M in revenue year one, tracking to blow past what RXBar was doing at this stage (a comparatively measly $2M). Yea, this is kinda a huge deal.
Let’s break it down👇
It starts with an innovative product… David bars deliver 28g of protein in just 150 calories with zero sugar and only 2.5g of fat. For context, other “viral” protein bars like Barebells have a much different macro makeup: ~200 calories , 20g protein, 7g of fat.
How is that even possible? Because of its star ingredient, EPG—a modified plant-based oil created by Epogee that delivers the taste of fat with 92% fewer calories (0.7 cal/gram vs 9 for regular fat).
Killer product + its star ingredient = crazy potential for scale. While the funding will help David scale manufacturing and meet surging demand across 3,000+ retail locations (and growing), owning their core ingredient technology transforms them from a bar company into a potential nutrition platform.
And this move couldn't be better timed. GLP-1 adoption is absolutely exploding, with prescriptions for weight loss-specific GLP-1s (Wegovy, Saxenda, Zepbound) jumping a staggering 2,029% from 2019 to 2024. We're talking about millions of Americans on appetite-suppressing drugs who suddenly need to pack maximum nutrition into minimal calories…sounds like a job for David.
So, what happens to other brands currently using EPG? Nick's Ice Cream (which has raised $100M+) and Gatsby Chocolate have built their entire "better-for-you" positioning around this ingredient. Will David keep supplying these competitors? Likely yes, but selectively. Here's why:
Additional revenue streams beyond their own products (not that they really need it, but it would make sense)
Accelerates the category transformation (more EPG products = more consumer awareness)
Positions David as a nutrition technology company, not just another CPG brand (maybe leading to bigger raises 🤷)
With backers including Dr. Andrew Huberman, Dr. Layne Norton, and Dr. Peter Attia (who is their Chief Science Officer), this feels less like a traditional CPG play and more like building the infrastructure for the future of food.
The bottom line: While everyone else is scrambling to slap "GLP-1 friendly" on their packaging, David just bought the technology that actually delivers.
CPG & Consumer Goods
Did they really copy their homework? Mondelez filed a lawsuit against Aldi, claiming that the grocery retailer's private label packaging for several snacks copies the designs of its popular brands, including Oreo and Chips Ahoy!.
And I mean…how do you argue against this evidence:
This legal action marks the second lawsuit Mondelēz has initiated in a month to protect its market share and brand integrity, following a recent suit against Ghost energy drinks over unauthorized use of Mondelēz brands like Sour Patch Kids after Ghost's acquisition by Keurig Dr Pepper.
Things are getting spicy… Burt’s Bees collaborated with Mike’s Hot Honey to create a limited-edition Hot Honey lip balm, available on its DTC site and TikTok Shop.
Weirdly enough, this could be a smart move by Burt’s Bees. For a decades-old brand, sometimes the best way to regain relevance is to get gimmicky. And these “try it if you dare” products are essentially *built* for TikTok shop and the vulnerable impulse buyer who frequents it (read: Gen alpha). - J
More brands take on chef partnerships
Target partnered with Chef Rodney Scott to launch 12 co-branded barbecue products under its Good & Gather brand. This is their second co-branding effort, after launching a line of frozen foods with James Beard Award-winning chef Ann Kim.
IQBAR partnered with Michelin-starred chef Thomas Keller for two new products: Salted Caramel Chip IQBAR protein bars and Yuzu Mango IQMIX hydration sticks.
It’s hard to stand out in the protein bar aisle…especially with competitors like David. I love the idea of “premiumizing” the functional nutrition category with a culinary spin. Meatheads crave Michelin, too :’) - J
Customizable subscription box FabFitFun partnered with Vacation Inc. (AKA, the “it” girl of SPF and summer products) to release a Mid-Season Drop featuring six full-size products.
eCommerce
The call of the Amazon. Nike is returning to sell on Amazon after leaving the platform for six years. The company originally left in an attempt to combat counterfeits and maintain a premium brand experience, and a broader desire to prioritize its own channels.
Major brands are now seeing Amazon as a crucial platform, especially in beauty and fashion. Amazon has built its Premium Beauty store to provide better brand experiences and combat counterfeits through initiatives like the Anti-Counterfeiting Exchange. Recent launches include prestigious brands like Clinique, Kiehl's, Aveda, and The Estée Lauder Companies, who are attracted by Amazon's improved brand protection measures and ability to reach diverse customer bases.
Retail
Two iconic DTC brands are making major retail moves:
Nuts.com is expanding into retail with a new line, Pop & Sol—available in 1,000+ Target stores, Fresh Markets, and ShopRites, featuring eight nut-based products in both sweet and savory flavors.
As CEO PJ Oleksak told us in our recent Checkout Chat, Nuts.com has spent decades building relationships with suppliers and perfecting quality control that most newer brands simply can't match.
The retail expansion leverages Nuts.com’s deep knowledge of its consumer preferences—which is incredibly valuable when transitioning to retail's unforgiving margins.
Zero to big-box. After 15 years of DTC-only, AG1 is going big with its first-ever retail partnership: Yea, we’re talking Costco. The brand will offer 40 count single-serve stick packs of AG1 at all locations nationwide.
What a brilliant move. A natural, premium grocer like Whole Foods might’ve seemed like a more obvious choice…but the truth is, Whole Foods shoppers who want AG1 are likely already buying it DTC. Costco is the best of both worlds for a brand like AG1: It helps the company expand to reach a more price-conscious consumer without tarnishing its premium positioning. - J
Funding news
The death of the dupe. e.l.f. Beauty is acquiring rhode beauty, founded by Hailey Bieber, for $1 billion. Bieber will continue as Founder and Chief Creative Officer, overseeing the brand's growth and innovation.
The internet definitely had an opinion on this one. But I think friend of the newsletter
put it perfectly in her recent Substack issue:"Beauty has bifurcated — you're either democratizing access through price (dupes) or selling innovation through in-house formulation/R+D. Rhode gives e.l.f. cultural capital, a founder-led halo, and a brand with proven hype-to-sales conversion. e.l.f gives Rhode scale."
Drink your feelings. Btomorrow Ventures invested an additional $5 million in the relaxation drink brand, Moment.
From Martha Stewart kitchens to college dorms. Williams-Sonoma is acquiring Dormify, a platform focused on home solutions for students, with plans to relaunch it in 2026.
This move positions Williams-Sonoma to fill the gap left by Bed Bath & Beyond’s departure in the college living space and seems like an attempt to challenge Amazon by offering a more curated and design-driven experience for students.
Even brands are trying to lose weight. B&G Foods sold its Don Pepino and Sclafani brands to Violet Foods, a portfolio company of Amphora Equity Partners, as part of its strategy to refocus on core brands.
B&G recently sold other brands as well, including its Green Giant canned vegetable business to Seneca Foods in 2023 and its Back to Nature snacks brand to Barilla in 2022
True Beauty Ventures invested in Jupiter, a scalp care brand, acquiring a minority stake.
Everyone loves a snack! Rebecca Minkoff and Ali Wyatt launched SeedHer, a food & beverage accelerator aimed at supporting female founders.
Weekly Pickups
This week we spoke to friend of the newsletter, Brian Folmer! Brian is the founder of FirstLook, a subscription box service that delivers emerging consumer brands to early-stage investors. Read it here 👇
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Love everything Ali Wyatt does