CM Venture Capital welcomes Btomorrow Ventures (BTV) as a Limited Partner in the first close of the CM Evergreen Fund, expanding its global ecosystem of strategic corporate partners committed to long-term innovation. BTV, the corporate venture arm of BAT, invests in breakthrough technologies and brands that support BAT’s transformation towards a Smokeless Future, while enabling future category creation beyond traditional tobacco.
This partnership builds on nearly a decade of collaboration between CM Venture and BAT across Asia’s innovation ecosystem, including BAT’s investment in CM Venture’s Fund II and Fund III. The Evergreen Fund strengthens this, enabling both organizations to identify and scale transformative technologies across global markets.
BTV’s investment mandate is rooted in corporate transformation, balancing two complementary approaches:
This approach supports near-term innovation while advancing long-term bets that can reshape future consumer behavior and category development, accelerating BAT’s shift toward next-generation wellness ecosystems. By engaging at an early stage, BTV works with mission-driven, agile teams that can redefine categories and accelerate market disruption. Current investment areas include:
Near-term innovation areas:
Future-oriented opportunities:
Access to China-driven innovation is central to BTV’s strategy. As one of BAT’s fastest-growing markets and a hub for rapid materials, consumer, and industrial innovation, China remains difficult to access directly due to regulatory and operational constraints. Through the Evergreen Fund, CM Venture acts as BTV’s on-the-ground partner, enabling earlier and deeper engagement with emerging technologies across materials, batteries, sustainability, and new product formats, and supporting collaboration through BAT’s innovation hub in Shenzhen, China.
CM Venture began supporting BAT’s innovation efforts more than eight years ago, prior to the establishment of BTV. That early partnership helped shape BAT’s venture strategy forming BTV. Since BTV’s launch in 2020, the firm has:
CM Venture contributes deep China market ecosystem access and sourcing capabilities, providing early visibility into frontier innovation while bridging Western corporate structures with fast-moving Asian innovation environments. Its technical depth in industrial and materials science enables it to identify technologies with the potential to redefine next-generation consumer formats. Combined with BTV’s global consumer mandate, the Evergreen Fund is a platform for scaling category-shaping solutions across regions.
The partnership between CM Venture and Btomorrow Ventures reinforces a shared commitment to shaping the future of global consumer innovation. Together, the organizations will continue to identify breakthrough technologies, empower early-stage founders, and accelerate cross-border commercialization to drive long-term strategic transformation.
