The Development Bank of Wales has appointed a new director to head its Technology Venture Investments (TVI) division.

Duncan Gray succeeds Simon Thelwall-Jones who led the team from 2019 until December 2021.

Mr. Gray was previously Deputy Fund Manager (Strategic Portfolio) within the TVI team. He is replaced by Mark Bowman who has been promoted from chief investment officer to assistant fund manager.

The TVI team has also grown to include new members, Oliver Wheatley as Head of Investments and Jack Christopher as Assistant Head of Investments. This brings the current squad to 16.

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A qualified Chartered Accountant, Mr. Gray has been with the Business Development Bank since 2017 and has worked in venture capital and private equity for over 20 years. His venture capital career started at 3i plc and most recently worked as an investment manager for the Equity fund at Finance Yorkshire.

He said: “I feel privileged to take on this role to lead the technology business team as we continue to invest in our own people and in start-ups, early stage companies and established businesses that need of our help. We have a strong team made up of a large group of people who are all passionate about technology and passionate about delivering the best results for us and our equity portfolio companies.

“From established fintech and medtech sectors to emerging green industries, we are working hard to increase overall deal volume and value; attract co-investments and provide follow-on funding to companies that have received seed and start-up funding.

“Indeed, £4.2m of early-stage direct investment, technology companies attracted £23.2m of private sector investment from April to September 2021 – this level of co- investment more than doubled compared to the same period the previous year.”

Giles Thorley, Managing Director of Development of Wales, said: “Ranked once again in the top five venture capitalists by deal volume in the UK, our team now works with some of the most successful high-growth companies. interests of the country as we continue to increase investment and attract more co-investment.

“Duncan is highly regarded in the technology company industry and brings a depth of experience to this role that will be invaluable. With the support of Mark as Deputy Fund Manager and the wider team, he will continue to support technology companies innovators who need funding to develop and exploit the technology here in Wales.

The development is fully owned and funded by the Welsh Government.