Mercia Technologies' chief investment officer, Matthew Mead, has stepped down with immediate effect to pursue a portfolio advisory career, with current head of technology investments, Julian Viggars, promoted to the role.
Following a handover period, Mead will remain working with the group as venture partner, sitting on several investment panels for the company's managed funds.

Viggars has more than 20 years of venture capital experience, including the successful listings of companies such as Blue Prism Group and Xeros Technology. He joined Mercia though the 2016 acquisition of Enterprise Ventures and has worked closely with Mead in leading the combined investment teams and managing the pipeline of Mercia's “emerging stars”.

Chief executive officer Mark Payton said: “I'd like to thank Matt for his work during the last three years. Working with Julian, he has provided valuable leadership in combining both Mercia's existing and Enterprise Ventures' investment teams, as well as offering important insight across all four of our technology sectors, including leading Mercia's recent successful exit from Science Warehouse. We look forward to continuing to work with him in his future advisory role as a Venture Partner.

“We are pleased to welcome Julian Viggars onto Mercia's board as chief investment officer and believe that his significant technology investment experience and successful exit track record will undoubtedly benefit the group as it enters its next phase of value creation and realisations.”

At 1500 BST, the shares were flat at 39p.