How has 2023 been for you?
For me, the word that best sums up my year is ‘transitional’. I moved from my previous role leading BAT’s global commercial M&A team to become the new MD of Btomorrow Ventures. That meant getting to know the team, our portfolio, founders and partners, as well as collaborating with fantastic colleagues across the BAT and venture capital eco-systems. Working with so many talented, dynamic and diverse people across the globe has been nothing less than a pleasure.
There has been transition in our portfolio too, as we celebrated three new investments this year, including our first in the ESG space with UK-based company FlexSea, maker of biodegradable bioplastics from seaweed and other natural materials.
We also made our second investment in Brazil, into consumer brand, Mais Mu, which already had a devoted following in the country for its protein shakes, snacks and healthy supplements.
Another new area for us came with our investment into Hesperos, a US-based company that produces some of the world’s most advanced and innovative ‘human-on-a-chip’ platforms.
Since our first investment in mid-2020, we now have 25, including three successful exits, and we’re no longer the ‘new kids on the CVC block’. As we continued to mature as a CVC fund, we have developed new ways of working, looking into processes to help our portfolio companies grow and become more successful. With them, we embraced the challenges and triumphs of 2023 in the way that the BTV team always works - together.
The energy and dedication that each BTV member and portfolio company, shows in every aspect of their work makes me immensely proud. I’ve felt pride too in seeing how our team work collaboratively outside the office: the Oxford half marathon fund-raising race in October, and in our annual LGBTQ+ Pride events in June, to name just two examples.
Despite the financial challenges the venture capital industry has faced of late, together with our founders we have grown as a family this year. This has been helped by events such as Binspired; our portfolio showcase day in London in October, and in joining with the Reynolds American Family Day in North Carolina in August, with a selection of our US- and Canada-based portfolio companies.
As we come to the end of the year, I want to thank the amazing BTV team for the outstanding work they do. To our portfolio founders, I want to tell you that I am inspired every day by your passion and determination, and I thank you for being so welcoming to me as I joined you on your journeys.
I also want to thank the wider BAT family and all the different teams who have worked with such dedication to support BTV and our portfolios. We are all looking forward to working with you more in 2024, and strengthening these fantastic relationships.
Finally, I want to thank my wonderful family. My wife and children have been with me every step of the way during this exciting year, embracing this incredible adventure alongside me. I couldn’t have done it without them.
All that’s left for me to say is that I wish everyone a happy festive season and a well-deserved break. See you in 2024!
