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MTI reorganises to continue fundraising

The UK venture firm has changed its management structure to help it raise another materials science and medical technology fund. It will be the firm’s second fundraising this year.

MTI, a UK venture capital firm, has promoted David Ward, from its Boston office, to head the business alongside former chief executive Ernie Richardson. Both Richardson and Ward will jointly lead MTI as managing partners of the firm.

Richard Henderson and David Holbrook have been promoted to general partners alongside John Polden, an existing general partner, as well as Ray Sangster and Jayne Chace, two venture partners.

The firm said reorganisation was to prepare for the raising of a planned materials science and medical technology-focussed venture fund.

The firm has also recruited Mark Rahn as an investment manager from Enterprise Ventures, where he ran a technology fund, making investments in companies across the North of England. Rahn will be based in Manchester, where he will be working alongside the University of Manchester’s intellectual property team investing the joint fund the venture firm has raised with the university investment team.

The joint technology fund recently held its first close on €42 million ($66.2 million).