Investor Profile: Btomorrow Ventures — Thesis, Cheque Size & How to Apply

Btomorrow Ventures (BTV) is the corporate venture capital arm of British American Tobacco (BAT), created in 2019 and investing since 2020. It runs a £150 million first fund and a £200 million second fund launched in December 2024 — a £350 million total commitment disclosed in BAT's SEC filings — and has made more than 30 investments. BTV's mission is BAT's “A Better Tomorrow™” transformation: backing founders building a smokeless, more sustainable future. (Note: this is BAT's London-based CVC, not to be confused with the San Francisco fintech firm of a similar name.)

Investment thesis

BTV invests in specialist categories tied to BAT's transformation agenda: functional foods and beverages, wellbeing and stimulation, impact and sustainability, smokeless-nicotine innovation, and emerging technologies and capabilities. The value-add is corporate leverage — portfolio companies get access to BAT's global network, R&D, supply-chain and regulatory expertise, plus the agility of a dedicated VC team. BTV also runs BTV Labs, an accelerator and growth platform with three tracks — the Consumer Delight Lab, the Futures Lab and the ESG Lab — and hosts Binspired forums bringing founders together with BAT executives.

Sectors and stage

Btomorrow Ventures backs consumer brands, biotech & science, and technology companies from early stage through Series B/C — the £200M Fund II explicitly targets larger cheques into higher-revenue startups that could become acquisition candidates. Standard cheque sizes are not publicly disclosed. Global mandate, London headquarters.

Notable portfolio

Verified BTV investments include Awake, the caffeinated-chocolate maker that closed an $8 million round in July 2025 with $5 million from BTV; Moment, the adaptogen-filled beverage brand; ClearMetal, the supply-chain technology company; FlexSea, the seaweed-derived bioplastics startup that joined BTV through its ESG Lab after winning BAT's Battle of Minds pitch competition; and Hopwtr, the mood-boosting sparkling-water maker and the first investment from Fund II.

Partners

Annie Goman was appointed Managing Director of BTV in 2025 (announced by BAT), succeeding Juan M. Palacios, who moved to a senior business-development role at BAT's US subsidiary Reynolds American while staying on BTV's investment committee. Lukasz Garbowski serves as an investment director and co-founded the fund's ESG accelerator. The team sits at BAT's Globe House, 4 Temple Place, London.

How to apply for funding from Btomorrow Ventures

BTV does not publish an open application form. Founders reach the team through the contact routes on btomorrowv.com, and the firm actively meets founders through its BTV Labs programmes — including the ESG Lab cohorts — and its Binspired founder forums. If your startup touches functional food, wellbeing, sustainability or novel nicotine-adjacent science, lead with the strategic fit to BAT's transformation agenda.