Prenetics Global, the parent company of supplement brand IM8, has closed $1 billion in growth financing from General Catalyst’s Customer Value Fund (CVF), the company announced Tuesday. The deal is structured to fund IM8’s marketing spend without issuing any new equity, warrants, or convertible instruments to General Catalyst.

Under the arrangement, General Catalyst will finance up to 70% of IM8’s monthly marketing spend on a cohort-by-cohort basis. Repayment comes solely from the revenue generated by the customers that funded spending acquisitions, up to a capped return on each monthly cohort. Once General Catalyst reaches that cap on a given cohort, all subsequent revenue from those customers accrues permanently to IM8. If a cohort underperforms, General Catalyst absorbs the loss — Prenetics carries no repayment obligation beyond the revenue generated by those customers. There are no financial covenants, no maturity date, and no fixed repayment schedule. For accounting purposes, Prenetics will classify the arrangement as a financial liability on its consolidated balance sheet, with General Catalyst’s return recognized as interest expense below the operating income line, leaving gross margin and operating metrics unaffected.

IM8 is a direct-to-consumer health and nutrition brand launched in December 2024 in partnership with David Beckham, who serves as a co-founding equity partner. Its flagship product, Daily Ultimate Essentials, is a 90-ingredient powder supplement positioned as a replacement for 16 separate products. A second product, Daily Ultimate Longevity, rounds out the current lineup. The brand operates in 43 countries and counts Giannis Antetokounmpo, tennis player Aryna Sabalenka, Formula 1 driver Ollie Bearman, media personality Jay Shetty, and Inter Miami CF among its ambassadors and equity partners.

The $1 billion facility is intended to fund the full range of IM8’s sales and marketing activity, including digital performance marketing across major platforms, connected-TV and offline media, ambassador partnerships, brand activations, content production, and retention marketing — across both existing markets and new ones the brand plans to enter. IM8 retains full discretion over how and when it draws on the facility.

Prenetics entered the arrangement from a position of relative financial strength, reporting approximately $139.7 million in combined cash balances, current financial assets, and escrowed consideration as of May 31, 2026, and having announced a $40 million share repurchase program earlier this year. Management described the rationale as structural: historically, high-growth consumer companies scaling customer acquisition have faced a binary choice between dilutive equity raises and constrained spending. The CVF structure offers a third path by treating marketing spend as a financeable asset, matched to the cohort of customers that spending produces.

The economics underlying the deal are notable. Every monthly customer cohort since IM8’s launch has exceeded the performance thresholds that General Catalyst used in its diligence, which the firm conducted at the individual-transaction level for each cohort. Blended across all mature cohorts, every dollar invested in customer acquisition has returned $1.44 in gross profit — a figure that compounds over time because IM8’s customers are subscribers with recurring revenue. General Catalyst’s $1 billion commitment reflects that cohort-level diligence rather than a top-down growth bet.

IM8 has delivered over 50 million total servings since launch and is currently shipping approximately 200,000 servings per day, or roughly one order every 27 seconds. June 2026 was the brand’s strongest revenue month on record, with preliminary unaudited revenue of approximately $17 million. On the back of that momentum, Prenetics raised its full-year 2026 IM8 revenue guidance to $210–220 million, up from a prior range of $190–210 million — its second upward revision this year. The company expects IM8 to reach $300 million in annualized run-rate revenue by year-end 2026 and projects full-year 2027 revenue exceeding $400 million.

The brand operates as an AI-native organization, with machine learning embedded across marketing, merchandising, customer experience, and retention. At any given time, thousands of ads are running and being tested simultaneously across its 43 markets, with continuous A/B and multivariate testing applied to landing pages and purchase funnels, and predictive models scoring cohort quality and customer lifetime value in near real time to govern where the next dollar of acquisition spend is allocated.

General Catalyst’s CVF is not a new vehicle — the firm has deployed it across more than 40 companies over the past several years, including data-integration company Fivetran and insurance technology firm Lemonade — but the IM8 deal represents one of the largest deployments of the structure to date. Looking ahead, Prenetics plans to launch IM8 Hydration in the fourth quarter of 2026 and a premium gummies line in the first quarter of 2027, and has two active randomized controlled trials underway focused on gut health and longevity.

KEY QUOTES:

“Nineteen months ago, IM8 was an idea David Beckham and I were building around one belief: that people deserve premium science-backed products they can trust every day. General Catalyst’s $1 billion commitment validates the strength of the cohort economics we’ve built. Every mature customer cohort since launch has exceeded the performance thresholds General Catalyst diligenced against, cohort after cohort, in the deepest diligence process I’ve been through as a founder. For a year, investors have asked whether we were spending too much on customer acquisition. Now the proof is public: every dollar we have ever spent acquiring customers has already returned $1.44 in gross profit — and that number rises every month, because these are subscribers. The right question was never whether we were spending too much; it’s whether we were spending enough. With this financing we can now accelerate brand and marketing across our 43 countries without issuing a single share to fund it.”

Danny Yeung, Chief Executive Officer, Prenetics and Co-Founder, IM8

“IM8 is a category-defining consumer health business, and the underlying cohort economics are among the strongest we’ve seen across the Customer Value Fund portfolio. Their cohort retention data is remarkable: highly consistent across geographies, subscription tenors, and product lines, with quarterly renewal rates setting new industry benchmarks for direct-to-consumer health. When you combine IM8’s best-in-class unit economics, a repeatable customer acquisition engine across 43 countries, and a founding team led by Danny Yeung with the cultural reach of a co-founder like David Beckham, you have exactly the kind of business the CVF was built to accelerate.”

Adit Swarup, Partner, General Catalyst