Btomorrow Ventures

Btomorrow Ventures (BTV) is the corporate venture capital arm of British American Tobacco (BAT), established in 2020 and headquartered in London, UK. BTV manages £350 million across two strategic investment funds and partners with early-stage companies, typically from Pre-Series A to Series B+, investing globally in founders and entrepreneurs who are shaping the future of consumer experiences, wellbeing, sustainability, and technology. BTV's mission is to accelerate BAT's transformation and help build A Better Tomorrow™, partnering with global entrepreneurs who are redefining categories, pushing the boundaries of innovation, and creating new capabilities that can help deliver BAT's bold ambition to create a Smokeless Future. BTV's investment focus is organised around two distinct pathways: Strategic Capitalization, focused on high-alignment ventures with BAT, and Venture Growth, designed to explore emerging opportunities and build options for the future. The firm's primary thematic areas include wellbeing and stimulation (functional foods and beverages, adaptogenic and caffeinated products, neurostimulation), biotech and science (drug development, human-on-a-chip, cannabis-adjacent biology), sustainability and ESG (bioplastics, sustainable packaging, circular economy, climate tech), and technology (AI/ML, image recognition, supply chain, digital transformation). Fund II, launched in December 2024 with £200 million in committed capital, continues BTV's global investment strategy within the wellbeing and stimulation space while also exploring businesses that can further accelerate BAT's transformation journey, adding to and complementing the company's best-in-class capabilities in digital, new science and technology, and sustainability. BTV differentiates itself from traditional VCs by combining the agility and hands-on support of an experienced venture capital team with the global reach, scale, and deep expertise of a major FTSE-10 multinational. Portfolio companies gain access to BAT's global network spanning marketing in 180+ countries, 11 million+ points of sale, world-class legal capabilities (regulatory and IP), Six Sigma operational techniques, portfolio support, and accelerator programmes. BTV also operates BTV Impact, an accelerator and investing programme targeting impact-based initiatives across ESG, diversity, and sustainability, including a Sustainable Packaging Impact Lab that has seeded investments in companies such as FlexSea, one.five, and Bloom Biorenewables. The firm's investment size varies by sector and investment round, with Fund II targeting larger investments in later-stage startups with potential higher valuations than Fund I.