Tesco has become an “anchor investor” in former health tsar Henry Dimbleby’s new venture fund aimed at accelerating developments in health and emerging technologies.
The former government health tsar told The Grocer the move by the UK’s biggest supermarket was an “absolute game-changer” to his plans to create an investment fund of £100m in the next five years.
As well as a £20m investment in Dimbleby’s Bramble Fund, Tesco said it was working with the Leon restaurant founder on a new Tesco-Bramble Innovation Partnership, giving promising businesses access to capital but also the chance to test and scale innovations through Tesco’s supply chain and retail operations.
The partnership will focus on identifying and supporting businesses tackling some of the biggest challenges facing the food system, from waste reduction and sustainable agriculture to healthier food and emerging technologies.
“This is a huge game-changer for us,” Dimbleby told The Grocer. “It’s not just about the money. We now have the ability to pick up the phone to Tesco and say would this work in your supply chain, how can it be improved and worked on etc.
“You can’t put a price on that sort of backing.”
Former government health tsar and National Food Strategy author Dimbleby launched his investment firm to support companies creating healthier and more environmentally friendly products in January 2024.
Bramble Partners was the “first of its kind in the UK”. It would provide both funding and “deep expertise” in the food system to support businesses, he told The Grocer at the time.
Bramble Fund is a new specialist fund set up to back companies developing practical innovations that can help make food healthier, more sustainable and more affordable.
As well as Tesco’s investment, the fund’s first close has attracted support from leading institutions and business leaders, including Peter Harrison, former chief executive of Schroders, and the co-founder of ingredients business Belazu, Adam Wells.
Dimbleby added: “A few years ago there was simply no way of being able to commercialise investment in this sort of stuff. But events have changed all that. With climate change, war in the Middle East, the price of energy, weight loss drugs and the development of AI we are now able to attract the UK’s largest supermarket among others to back our investment in businesses tackling these big challenges. It’s incredibly exciting.”
Tesco CEO Ken Murphy said: “Tesco has a long track record as a home for great ideas and new innovation – from launching thousands of new and improved own brand products in the last year alone, to supporting exciting new food brands through our Accelerator programme and testing cutting-edge practical technologies on our low-carbon concept farm.
“As the UK’s leading retailer, we see first-hand the opportunities for our food system, and the challenges that we need to solve to ensure everyone has access to affordable, healthy and sustainable food.
“By partnering with Henry and the Bramble team, we can help the most promising food innovations move from idea to impact, delivering real benefits for customers, suppliers and the wider food system.”
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