Btomorrow Ventures (BTV), BAT’s corporate venture unit, has appointed a new Managing Director, Juan M. Palacios.

Palacios was previously head of BAT’s global commercial Mergers & Acquisitions (M&A) team.
“Under his leadership, BTV will maintain its focus as a driving force behind BAT’s A Better Tomorrow™ transformation. As consumers increasingly seek products offering wellbeing and stimulation characteristics, BTV works to strengthen our positioning in this area. BTV is also positioning itself as a thought leader in the corporate venture capital world, sharing learnings and thoughts on market trends across its network on LinkedIn and via its ,” BAT said in a press release.
“I’m excited to lead the BTV team,” says Palacios. “Since launching in 2020, BTV has established itself as a leading corporate venture unit in its sector, achieving many remarkable milestones and I am looking forward to continuing its successful journey.”
Prior to joining BTV, Palacios played a key role exploring how non-nicotine-based products could form an expanding part of BAT’s portfolio. While leading the M&A team, he spearheaded BAT’s investments into Organigram, Sanity Group, and Charlotte’s Web, based in Canada, Germany and U.S respectively. He continues to lead the relationship with these companies.
Since joining BAT’s U.S. subsidiary, Reynold American Inc. in 2006, he has held several roles within the Group, working in financial planning; accounting; commercial finance; operations finance; business development, and M&A. He has worked on several product categories with an emphasis on New Categories and wellness and stimulation and is highly skilled with regard to minority investments.
Born and raised in Venezuela, Palacios’ career has spanned several continents. After gaining his undergraduate degree in Business in Caracas, he moved with his wife to pursue an MBA in North Carolina, U.S.. He has also worked in Switzerland and the UK.
Palacios, who took up the role in January, replaces BAT’s founding MD, Dr Lisa Smith, who led BTV for more than three years.
Since its launch in 2019, BTV has made 22 investments (including three successful exits) in companies specialising in biotech & science; technology, and consumer brands across functional food and beverages.