Freeths advises Btomorrow Ventures Limited on its investment into FlexSea Ltd

National law firm Freeths has advised Btomorrow Ventures (BTV), the corporate venturing unit of British American Tobacco (BAT), on its investment in bio-plastics company FlexSea.

Founded in 2019, FlexSea uses patent-pending technology to make biodegradable, compostable and edible seaweed-derived bioplastics, designed to replace plastic film packaging, amongst other uses. The sustainable seaweed-derived plastic breaks down rapidly and naturally in a matter of weeks. There are no harmful chemicals involved in its manufacture and no waste in its production stream.

The investment is part of a £3 million equity seed funding and grants round, alongside several other investors and grantors. It will see FlexSea and BAT work together in an exciting programme to integrate FlexSea’s technologies and processes into BAT’s supply chain.

The Freeths team, which was led by Corporate Partner Malin Svanberg-Larsson and Associate Mia Broomhall and supported by Corporate Partner Francis Dalton, worked alongside the BTV legal team, which included Freeths secondee Lottie Beange.

Commenting on the deal, Francis Dalton, said: “It is always a pleasure to work with Btomorrow Ventures on its wide range of impressive deals. With sustainability high on our agenda, this transaction demonstrates, not only our strong sector capabilities, as it is Btomorrow Ventures’ first investment in the sustainability space, but also our Freeths values.”

Peter Wozny, Senior Legal Counsel at BTV, added: “It’s fantastic to welcome our first ESG investment, FlexSea, into the Btomorrow Ventures’ portfolio, and we are excited to support the company’s growth and partnership with our corporate, BAT, going forward. A special thanks goes to Malin, Francis, Mia, Lottie and the rest of the Freeths’ team who helped bring this investment to a close. Despite the deal’s complexities, the Freeths team were extremely efficient and are great partners to work with.”