Annie Goman, managing director at Btomorrow Ventures, is one of the 100 leading corporate venturing professionals in our 2026 Powerlist.
When Annie Goman stepped into the leadership of Btomorrow Ventures, founded by UK-listed BAT in 2020, over a year ago, she inherited more than a corporate venture unit. She inherited a question. What does venture capital look like when its parent company is undergoing a significant transformation of its core business?
Over the past year, her answer has taken shape not through volume, but through focus and, increasingly, through function. Since starting her role at Btomorrow Ventures, Goman has led the launch of its second CVC fund with £200m, a third more than the original £150m fund. The new fund has an expanded mandate to cover more industry verticals and a strategy that is more closely embedded with the parent company.
The clearest expression of that expansion is Btomorrow’s March 2026 participation in the $100m growth round of Flink, the German quick-commerce platform. The deal brought Btomorrow Ventures into a company that has emerged from the wreckage of Europe’s delivery boom not just intact, but profitable.
On the surface, it is a bet on last-mile grocery delivery. In practice, it is something more strategic: a distribution play. Btomorrow’s involvement is explicitly linked to collaboration with BAT Germany around smokeless nicotine products. This is an example of venture investing being used to unlock real-world commercial channels, not just financial upside.
Goman has spearheaded the development of BTV’s portfolio growth platform that launched this year. Corporate venture capital has long wrestled with its identity, oscillating between financial returns and strategic intent. Under Goman, Btomorrow Ventures appears to be leaning decisively toward the latter, without abandoning the discipline required to invest alongside top-tier partners.
As well as deploying Fund II capital, Goman has also continued to support BTV’s existing portfolio through Fund I follow-ons. This includes notable investments in Awake Chocolate, Moment and Mais Mu.
Corporate venture units often fail not because they lack capital, but because they lack relevance. By tying investment activity more closely to BAT’s transformation agenda and, crucially, to tangible commercial partnerships Btomorrow Ventures is moving away from the “innovation theatre” trap that has undermined many of its peers.
The context is unavoidable. BAT operates in one of the most scrutinised industries globally, and Btomorrow Ventures functions as both hedge and bridge: a hedge against long-term decline in traditional products, and a bridge toward new categories of growth. Its importance, therefore, extends beyond financial return. BTV is a critical part of BAT’s transformation agenda.
Goman’s leadership is unlikely to be defined by a single breakout deal. But Flink offers a glimpse of the playbook: fewer, more deliberate investments, tightly connected to strategic outcomes. Alongside this, Goman is also an active member of the CVC community, being recognised as a top women in venture in the UK.
The question now is whether that model scales and whether Btomorrow Ventures can evolve from a participant in venture capital to something more distinctive: a corporate investor that not only anticipates the future of consumption but actively builds the channels through which it flows.
The GCV Powerlist represents the 100 individuals spearheading the future of the corporate venturing industry.
These individuals excel in terms of their venturing approach and structure, number and quality of portfolio companies and in their contributions to the corporate venturing profession.
Here’s a snapshot of their recent deals:
