Health and wellness company IM8 has obtained access to as much as $1 billion in growth financing through General Catalyst's Customer Value Fund, providing the business with expansion capital without issuing new shares.
The financing will support customer acquisition rather than represent a traditional venture capital investment. Under the arrangement, General Catalyst will not receive an ownership stake in IM8, allowing the company to raise capital without diluting existing shareholders.
Funding tied to future customer revenue
General Catalyst’s Customer Value Fund is structured differently from a conventional equity investment. Instead of purchasing stock, the fund finances a portion of customer acquisition costs, which is repaid through a capped share of revenue generated by those customers under predetermined terms.
For IM8, the agreement covers up to 70% of customer acquisition spending. Once General Catalyst recovers its investment and reaches the agreed repayment cap, future revenue from those customers will remain with Prenetics, the publicly listed health company that owns IM8.
IM8 was co-founded by Prenetics CEO Danny Yeung and is backed by former football star David Beckham. The company sells a subscription-based nutritional drink containing ingredients including Coenzyme Q10 and açaí fruit extract, with its business built around recurring customer subscriptions.
The financing model is intended for companies with predictable revenue streams that can accelerate growth through increased customer acquisition while avoiding equity dilution.
Background: General Catalyst has continued expanding the use of its Customer Value Fund as an alternative source of startup financing. Earlier in 2025, Grammarly also announced a $1 billion financing agreement through the same fund before completing its acquisition of Superhuman.
