Btomorrow Ventures Returns: A Repeat LP in the CM Evergreen Fund
Btomorrow Ventures, BAT’s corporate venture arm, joins the first close of CM Evergreen Fund as a returning limited partner, extending a relationship that began with CM Venture Fund II in 2016. First published on 5 January 2026, this article was updated in October with photographs from the 2025 signing and Open Innovation Day at BAT’s China headquarters.
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.
BTV is a repeat LP. BAT invested directly in CM Venture’s Fund II in 2016, four years before Btomorrow Ventures was formed. BTV then invested in Fund III in 2021 and committed to the Evergreen Fund in 2025. The Evergreen Fund is the third CM Venture fund the BAT group has backed, and it strengthens a relationship that now spans nearly a decade.
A Repeat LP, Ten Years On
Balancing Transformation Across Two Horizons
“That early partnership helped shape BAT’s venture strategy and the formation of BTV.”
BTV's investment mandate is rooted in corporate transformation, balancing near-term innovation with longer-term bets that can reshape future consumer behavior and category development. By engaging at an early stage, BTV works with mission-driven, agile teams that can redefine categories and accelerate market disruption.
- Advanced nicotine-delivery formats, including nicotine pouches.
- Sustainability and circularity across supply chains.
- Novel ingredient- and flavor-led enhancements to user experience.
- Functional food and beverage products.
- Active ingredients such as caffeine, adaptogens, and nootropics.
- Platforms addressing broader well-being and stimulation needs.
Access to China-Driven Innovation
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 because of 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, while supporting collaboration through BAT's innovation hub in Shenzhen.
Since 2016: Nearly a Decade of Collaboration
CM Venture began supporting BAT's innovation efforts in 2016, with BAT’s direct investment in Fund II, four years before the establishment of BTV. That early partnership helped shape BAT's venture strategy and the formation of BTV. Since BTV's launch in 2020, the firm has:
- Made more than 30 investments globally.
- Committed up to £350 million to transformation-aligned startups.
- Played a central role in BAT's pipeline development and strategic discovery.
The collaboration extends beyond capital. BAT sponsored the Battery Material Decarbonization Challenge at CM Venture Capital’s Innovation China Conference in autumn 2024.
A Platform for Category-Shaping Solutions
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.
Shaping the Future of Consumer Innovation
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.