What happens when a BTV portfolio company benefits from the capabilities of its global corporate parent? The answer can be found with Mais Mu, which recently collaborated with BAT Brasil following the initial investment we made into it a year ago.
In November 2023, following BTV’s new investment into the healthy snacks start-up, a distribution partnership between BAT Brasil and Mais Mu launched a pilot in Brazil’s two largest cities, Rio de Janeiro and São Paulo, to sell Mais Mu’s healthy protein shakes, snacks and supplements using BAT Brasil’s salesforce and distribution capabilities.
The successful pilot period saw Mais Mu products become available in more than 9,000 new points of sale, in partnership with BAT Brasil. And should the relationship continue to be successful, this figure could grow to 140,000 new points of sale served by BAT Brasil. A potential 13 times increase against company figures prior to BTV/BAT engagement.
Earlier this year at the end of the pilot, representatives from the leadership teams of BTV and BAT’s Wellbeing & Stimulation business unit, The Water Street Collective, visited Mais Mu’s headquarters in São Paulo to assess and analyse the results and present them to BAT Latam South’s leadership team.
“This is the first time we partnered a start-up with BAT’s operating unit to drive expansion,” explains Lukasz Garbowski, BTV Investment Director. “The results show that when corporate venture capital is done right, magic happens.
“We got to see the pilot work in situ and understand just how smoothly projects such as this fit with BAT's overall strategy to go Beyond Nicotine.
“The pilot’s success was greatly helped by strong support from BAT’s senior management team as well as all the work done on the ground by BAT Brasil, The Water Street Collective and all of our strategic partners and colleagues.”
The partnership gave Mais Mu strategic support and allowed BAT to introduce its first Beyond Nicotine products in Brazil, testing future distribution strategies for the category. For BAT Brasil, the venture yielded a profit and scaled Mais Mu's operations, securing returns on BTV's investment.
“Early results are very encouraging,” adds Lukasz, “and it would not be possible without BAT Brasil’s engagement. Starting with the leadership team’s strategic support and oversight, through BAT Brasil's proactive project management and mentoring of Mais Mu, to its wider involvement across partnership, commercial, financial and operations, we have seen stellar engagement and a model for BTV’s future Wellbeing & Stimulation investments to follow across BAT.”
Fernando Antonio Paiva Vasconcellos, Area Head of New Categories & Beyond Nicotine says: “For BAT Brasil, Mais Mu is a very exciting venture. In addition to being a pilot for extending BAT's capabilities into the Wellbeing & Stimulation space, it’s the first New Categories launch in Brazil. It also positively contributes to our commercial partnership programme and brings excitement to the whole organisation."
Richard Schmidt, BAT Group Head of Wellbeing & Stimulation and Managing Director of The Water Street Collective, adds: "We are very excited about Mais Mu. It's a product with a great proposition, management and potential. Equally, it is yet another avenue through which to advance BAT on its A Better Tomorrow™ journey and build our Wellbeing & Stimulation capabilities.”
In June 2024, the project expanded into six other Brazilian states, allowing BAT to further develop its Wellbeing & Stimulation agenda and better understand the local market, helping the aim of delivering A Better Tomorrow™.
BTV and Mais Mu
Mais Mu is a Brazilian wellbeing and health brand, offering a range of protein-rich, functional products. BTV first invested in Mais Mu in October 2023, making it the first Latin American company in BTV’s portfolio. The investment valued Mais Mu at R$125 million pre-money valuation.
The company complements BTV’s established portfolio of consumer goods investments in the global Wellbeing & Stimulation space.
The Water Street Collective and BTV
BAT’s Wellbeing & Stimulation business unit, The Water Street Collective, is a wholly owned subsidiary of BAT, operating as an autonomous business unit. It leads Wellbeing & Stimulation projects, and initiates and facilitates access to world-class science and R&D, helping BAT in its Beyond Nicotine strategy of delivering A Better Tomorrow™. It partners with BTV and other teams to help achieve its ambition of bringing wellbeing products and solutions to everyone.
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