The investment was made by Btomorrow Ventures, the CVC (Corporate Venture Capital) arm of global BAT, which has already completed several investments in consumer goods worldwide, primarily in healthier food and beverages, in strategies that position their parent company beyond their current product portfolio.
Although the amount of the check has not been disclosed, the investment values Mais Mu at BRL$125 million pre-money and will be used for the expansion plans of the startup throughout Latin America.
“This is a great opportunity for us to promote our brand and our products in places that were previously impossible to reach.”
“Furthermore, we are honored to have the opportunity to help BAT and Btomorrow Ventures achieve their mission of creating ‘A Better Tomorrow,'” said Otto Guarnieri, co-founder of Mais Mu.
In addition to the investment, BAT Brasil will become a strategic partner for the foodtech company, providing strategic support in critical areas for its growth and bringing Mais Mu products to over 140,000 points of sale served by the Brazilian firm, expanding its reach more than 13 times.
Victor Loria, President of BAT Brasil and South Latin America, emphasizes the importance of the partnership for BAT’s strategy.
“Our strategy of building a better tomorrow is present in various initiatives. We have the global goal of offering consumers a multi-category product portfolio, and this investment is a significant milestone in the year we celebrate 120 years of operations in Brazil,” the executive noted.
Founded in 2014 by Otto Guarnieri and Antonio Neto, later joined by Anderson Mulin and Alexandre Capella, Mais Mu initially offered a blend of protein powders. It now has a diverse menu that includes snacks, protein bars, and ready-to-drink beverages, among other solutions.
“Mais Mu is one of the most promising Brazilian startups, with a strong brand, excellent management, and a loyal customer base.”
“We hope that this unique partnership with BAT Brasil, through Btomorrow Ventures’ investment, will propel Mais Mu to new heights,” said Lukasz Garbowski, Director of Investments at BTV, in a statement.
So far, their products are available in over 11,000 points of sale and can be found in countries in Europe and the Middle East. In 2022, the business closed the year with BRL$50 million in revenue.