IM8, a health‑drink startup led by Danny Yeung, has raised $1B from General Catalyst’s Customer Value Fund (CVF). CVF is not an equity investor; it offers loans that are repaid with a capped share of the company’s revenue, so IM8 keeps full ownership.

The CVF model suits firms with predictable revenue and a growth plan. Startups repay the principal plus a fixed percentage of a “reference income” pool—revenue from financed customers multiplied by a gross‑margin assumption. After the cap, remaining revenue goes to the parent.

Yeung, a former Prenetics founder, met David Beckham over dinner, sparking IM8’s creation. The company sells a subscription‑based vitamin drink loaded with longevity compounds like açai and Coenzyme Q10.

The loan covers up to 70% of IM8’s customer‑acquisition costs; CVF receives a capped share of the reference income. Once the cap is met, all future revenue from those customers returns to Prenetics. Grammarly also secured $1B from the CVF in May 2025 before acquiring Superhuman.