BTomorrow Ventures Launches £200m Fund II to Transform Wellbeing Sector
Funding | Dec 18, 2024 | BTomorrow Ventures
BTomorrow Ventures (BTV), the corporate venture capital arm of British American Tobacco (BAT), has announced the launch of its second fund, Fund II, with a commitment of £200 million. This fund aims to continue BTV's global investment strategy within the wellbeing and stimulation space. Fund II is set to explore opportunities that align with BAT's ongoing transformation into a multi-category consumer goods business, with a focus on developing a 'Smokeless World' agenda. Building on the success of Fund I, which made 28 investments primarily in early-stage companies developing innovative, reduced-risk products, Fund II will support BAT's goals of expanding capabilities in digital, new science, and technology, as well as sustainability. Notable investments from Fund I included companies such as Moment, a U.S.-based functional drink brand, and AWAKE, a Canadian brand specializing in caffeinated chocolate. Fund II will also complement the BTV Impact program, which aims to leverage the venture community's strength to support sustainability and Diversity & Inclusion initiatives, thereby fostering long-term value creation across the industry.
Sectors
- Venture Capital
- Consumer Goods
- Sustainability
Geography
- United Kingdom – BTV is the venture arm of BAT, which is a British multinational company, suggesting the primary geographical association with the United Kingdom.
- Global – The investment strategy and fund deployment are described as global, indicating a worldwide scope for Fund II.
Industry
- Venture Capital – The article focuses on the launch of a new venture fund by BTomorrow Ventures, which is integral to venture capital activities.
- Consumer Goods – The article discusses BAT's transformation into a multi-category consumer goods business, highlighting its investment strategy in wellbeing and stimulation products.
- Sustainability – The article mentions BTV Impact’s focus on sustainability and its commitment to partnering for positive future outcomes within the venture community.
Financials
- £200 million – The committed amount for BTV's second fund, Fund II.
- £150 million – The amount for BTV's first fund, most of which has been deployed or committed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BTomorrow Ventures | PE Firm | Company | The venture capital arm of British American Tobacco focused on investing in the wellbeing and stimulation space. |
| British American Tobacco (BAT) | Parent Company | Company | A multinational company focused on transforming into a multi-category, consumer goods business. |
| James Barrett | Director of Business Development at BAT | Person | Commented on the significance of Fund II for BAT's transformation agenda. |
| Moment | Target Company (from Fund I) | Company | A U.S.-based functional drink brand invested in by BTV's first fund. |
| AWAKE | Target Company (from Fund I) | Company | A Canadian brand specializing in caffeinated chocolate, invested in by BTV's first fund. |