Annie Goman takes over as head of BAT’s investment arm

Annie Goman has taken over as managing director of Btomorrow Ventures (BTV), the corporate VC arm of British American Tobacco, replacing Juan Palacios.

Goman, who joined BAT in 2023 as global head of the company’s cannabis division, steps in to lead BTV following the launch of a second £200m ($254m) fund. The fund is focused on making larger investments into startups that can help transition the company beyond nicotine.

“I’m very excited to be taking on the role of MD at BTV,” said Goman. “I believe our approach to venturing and leveraging the capabilities of our minority investments plays a critical role in enabling BAT’s wider transformation and helping to build A Smokeless World. I look forward to continuing to strengthen these relationships as we deploy BTV’s Fund II.”

Goman previously held leadership roles at ZX Ventures, the growth incubator arm of AB inBev, Innocent Drinks and Nestle. She has extensive experience in building up ecommerce and direct-to-consumer sales at these organisations.

Goman is the third head of BTV since the unit was founded in 2019 by Lisa Smith. Palacios, who led the unit between 2023 and 2025, is moving to a new role within BAT and returning with his family to the US.

Since its launch in 2019, BTV has made almost 30 investments in companies specialising in biotech and science, technology and consumer brands across functional food and beverages.