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BTV successfully exits UELLO, our second exit in as many years

We are pleased to announce that BTV has successfully exited from Brazilian logistics company Uello following its acquisition by Lojas Renner, Brazil’s largest department store and clothing company. 

Uello logo

Founded in 2017, Uello is a logistics company focused on urban deliveries, offering customised logistics management solutions for medium and large corporate customers. 

BTV made its initial investment in Uello in Q3 2020, and since then, BAT has been able to apply this software to its operations in Brazil to improve delivery efficiency and customer experience in its ‘last mile’ supply chain. 

“Uello continues our trend of successful exits,” says Lukasz Garbowski, Investment Director at BTV. “Strategically, Uello improved BAT’s New Categories operations in Brazil and we’re on track to introduce its software in other geographies. 

“Financially, BTV has yet again generated above average returns from our share in the business. You rarely see an exit like this so soon. We have reinforced our position as a top corporate venture capital fund and can attract a new crop of leading start-ups.”

We would like to thank everyone involved in the deal, including our BTV team comprising of Lukasz Garbowski, along with Senior Legal Counsel, Peter Wozny. 

Special thanks to BAT Brazil Digital Business Solutions (DBS) and Supply Network Operations (SNO) teams Marinaldo Gomes da Silva, Guilhereme Cervenka, Luiza Pint and Valdoberto Campos Vidal Junior, who have all worked with Uello over the past 18 months. 

Big thanks also to Erich Kellow, BAT Group head of DBS Operations and Luigi Guicca, BAT Global Head of Supply Chain for strategically supporting the project. 

Last but not least we want to thank Vivek Chaudhri and David de Santiago for originally bringing Uello’s opportunity to BTV’s attention and supporting the project in the early days, as without that connection there will be no today’s success.

Written by
Andrea McVeigh
Communications and Social Media Manager
Written by
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