On December 18, British American Tobacco (BAT) announced on its official website that its venture capital arm, Btomorrow Ventures (BTV), has launched its second fund. The fund will mainly focus on health and wellness businesses, in line with BAT's strategic exploration of non-nicotine products. The launch of the new fund comes with an additional commitment of £200 million in investments, showcasing BAT's dedication to creating a "smoke-free world.
The Business Development Director of BAT, James Barrett, stated,
The launch of the second fund is an important demonstration of BAT's confidence in BTV as a key part of BAT's transformation agenda, which aims to turn BAT into a diversified consumer goods business. By focusing on health and innovation investments, we are committed to advancing BAT's smoke-free world agenda, building on the success of BTV's first fund.
Since its first investment in 2020, BTV's first fund has made 28 investments, primarily focusing on early-stage financing to support companies developing innovative products that align with the vision of creating a smoke-free world with BAT, and to reduce risk in new product categories.
Most of the initial £150 million fund has already been deployed or committed, including investments in the American functional beverage brand Moment and the Canadian caffeinated chocolate brand AWAKE.
The second fund is a supplement to the BTV Impact program launched earlier this year, which aims to harness the power of the venture capital community to support and advance its sustainability, diversity, and inclusivity agendas.
We welcome news tips, article submissions, interview requests, or comments on this piece.
Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn
Notice
1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.
2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.
3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.
4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.
Copyright
This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.
For copyright-related inquiries, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.
We welcome any corrections or feedback. Please contact us at: info@2firsts.com
