David Beckham-backed startup IM8 has secured up to $1 billion in financing from General Catalyst’s Customer Value Fund, according to a company announcement on Tuesday.
How General Catalyst’s Customer Value Fund Works
The financing is not a traditional venture capital investment. Instead, General Catalyst’s Customer Value Fund (CVF) provides non-dilutive growth capital through a structure that resembles a loan, with repayments linked to future revenue under a pre-agreed cap.
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That means General Catalyst does not take an ownership stake in IM8, allowing the company to raise capital without diluting existing shareholders. The model is designed for businesses with predictable recurring revenue and a proven ability to turn additional marketing investment into growth.
Inside IM8’s Growth Story
IM8 was co-founded by chief executive Danny Yeung, founder of health technology company Prenetics, which went public in 2022. According to the company, the idea for IM8 emerged after Yeung met David Beckham, who later became a strategic partner in the business.
The company develops longevity-focused nutritional products, including a subscription-based daily vitamin drink containing ingredients such as açai fruit extract and coenzyme Q10.
Why This Deal Matters
Under the agreement, General Catalyst will finance up to 70% of IM8’s customer acquisition costs. In return, it will receive a capped share of the revenue generated by those customers based on a predetermined gross-margin formula.
Once the agreed repayment threshold is reached, all future revenue from those customers will revert to Prenetics.
The deal highlights a broader shift in startup financing, as companies with strong recurring revenue increasingly turn to non-dilutive funding instead of traditional equity rounds. General Catalyst used the same model with Grammarly, which secured $1 billion through the fund in 2025 before acquiring Superhuman.
