The chief investment officer of tech investment group Mercia Technologies has decided to step down immediately.

After a handover period, Matthew Mead will remain working part-time with the group in an advisory capacity as a venture partner, sitting on several investment panels for Mercia's managed funds.

Julian Viggars, head of technology investments, has been promoted to chief investment officer and joins Mercia’s board with effect from today.

Viggars joined Enterprise Ventures in 2004 and has over 20 years of venture capital experience, including the successful listings of companies such as Blue Prism Group plc and Xeros Technology Group plc.

He joined Mercia through 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 future 'Emerging Stars'.

"I'd like to thank Matt for his work during the last three years," said Mercia Technologies CEO Dr Mark Payton.

"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."