Diageo plans £15m fund to find new hit The programme is intended to boost Diageo's investment pipeline as it continues to search for new brands. Ciroc, a vodka targeted initially at the US market, was created from scratch by Diageo and launched in 2003. Innovation has also helped Diageo drive traditional brands, with Johnnie Walker Double Black now sold in more than 100 markets, and the new blackberry & elderflower flavour of Pimm's selling well in the UK this summer. Last year, innovation brands including Ciroc accounted for almost 50pc of Diageo's growth, with products launched in the past five years accounting for nearly £1.5bn of net sales. Partnering with Independents United, a creative business investor, Diageo will launch Distill Ventures which will lead the investment in the brands. The joint venture will select five entrepreneurs to receive funding of between £150,000 and £250,000 as part of a seed programme. A growth programme will invest up to £2m per brand. The venture will allow Diageo to take a stake in potentially successful brands early, and assist with marketing, distribution and development.