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Prenetics Global Secures $1 Billion Growth Financing From General Catalyst
Prenetics Global secures $1B from General Catalyst's CVF, funding the shift from COVID testing to consumer longevity products without share dilution.
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Consumer health firm Prenetics Global (PRE) landed $1 billion in growth financing from General Catalyst's Customer Value Fund (CVF). The deal is structured as a forward purchase agreement, with CVF investing in shared returns tied to Prenetics' future revenue performance, the company said.
The financing gives Prenetics a cushion to fund its shift from COVID-19 testing toward consumer longevity products. The firm has been transitioning its business since pandemic-era testing revenue faded, launching diagnostics and at-home health screening kits under its CircleDNA brand.
Prenetics shares have risen 157% year over year going into this week. The stock still trades well below its $12.50 debut price from a 2022 SPAC merger but has recovered from a low near $0.50 in late 2023.