Off the back of a successful distribution pilot between BAT and Brazilian wellbeing and health start-up, Mais Mu, BTV is pleased to announce that we are now making a further investment into the BEE4 listed company.
Our follow-on investment of BRL 22.5 million (£3 million) into the protein-rich functional snacks and supplements brand comes just over a year after we made our first investment into the São Paulo-based company.
Mais Mu was founded in 2014 with a mission to improve customer preconceptions about whey-based products and snacks, breaking its association with steroids.
It started by offering a mix of protein powders, and today has a varied range that includes snacks, protein bars such as its popular Chocowheyfer protein chocolate bar, and ready-to-drink flavoured whey concentrate beverages.
After our initial investment in 2023, Mais Mu partnered with Souza Cruz (BAT Brasil) to accelerate distribution and points of sale for its products across the country. The first Latin-American company in our portfolio, it complements our established portfolio of consumer goods investments in the global Wellbeing & Stimulation space.
Our 2024 distribution pilot, with BAT Brasil and The Water Street Collective (BAT’s global wellbeing business), saw Mais Mu being sold in the country’s two largest cities, Rio de Janeiro and São Paulo, using BAT Brasil’s salesforce and distribution capabilities.
This resulted in Mais Mu products becoming available in more than 9,000 new points of sale. That figure could grow to 140,000 new points of sale - a potential 13 times increase against company figures prior to BTV/BAT’s engagement.
BTV’s Chief Investment Officer, Lukasz Garbowski, says:
“It has been a pleasure to watch Mais Mu grow since our original investment despite difficult market conditions in 2024. The exemplary partnership between the start-up, our Brazilian BAT office and the BTV investment team has led to a rapid Mais Mu expansion, and that is only the beginning of the journey with much more to come. I am eagerly awaiting new developments in 2025, and Mais Mu products being available across Brazil and beyond.”
Mais Mu Co-founder, Otto Guarnieri, says:
"This follow-on investment comes at a key moment in our journey. It will help us keep expanding our reach, especially in snacks and beverages - our main growth engines. We’ll be focusing the capital on marketing, sales and product, so we can keep innovating and making healthy eating a fun and accessible part of people’s daily lives."
Claudia Woods, President of Bat Latam South adds:
“The partnership between BAT Brasil, Mais Mu, and Btomorrow Ventures is a powerful expression of our commitment to strategic transformation. By uniting BAT’s core strengths - including deep consumer understanding and robust distribution - with Mais Mu’s agility and product development expertise, we are paving the way for sustainable, long-term growth in the wellness and stimulation space.”
Thanks to the BTV deal team who worked on the follow-on investment: Chief Investment Officer, Lukasz Garbowski; Investment Analyst, George Leivadas and Head of Legal, Peter Wozny.
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