9th March 2022

Director Appointment At Development Bank of Wales

Experienced equity investor Duncan Gray has been appointed as technology venture investments director at the Development Bank of Wales.

The appointment following a period of growth in the development bank’s Technology Venture Investments (TVI) division.

Gray takes over from Simon Thelwall-Jones who led the team from 2019. As the new director of technology ventures, Gray progresses from his former role as deputy fund manager (strategic portfolio) within the TVI team. He is replaced by Mark Bowman who has been promoted from senior investment executive to deputy fund manager.

The TVI team has also expanded to include new joiners Oliver Wheatley as an investment executive, and Jack Christopher as an assistant investment executive. This takes the current team to 16.

A qualified chartered accountant, Duncan Gray has been with the Development Bank since 2017 and has worked in venture capital and private equity for more than 20 years. His VC career started with 3i and more recently he worked as investment director for the Equity Fund at Finance Yorkshire.

“I feel privileged to be taking on this role to lead the Technology Ventures team as we continue to invest in our own people and the start-ups, early-stage and established companies that need our help,” said Gray.

“We’ve got a strong team made up of a great group of people who are all enthusiastic about technology and passionate about driving the best outcomes for us and our equity portfolio companies.”

Giles Thorley, chief executive of The Development of Wales, added: “Duncan is highly regarded within the technology ventures 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 innovative technology ventures that need funding to develop and exploit technology from here in Wales.”