Erin Platts has been appointed CEO of Octopus Ventures, marking the end of her two-decade career with Silicon Valley Bank’s UK arm, which was acquired by HSBC Innovation Banking last year.
After HSBC’s £1 rescue acquisition of SVB UK, a move that prevented a potential disaster for the British tech sector, Platts became CEO of HSBC Innovation Banking UK to lead its startup and VC-focused business.
Platts will join Octopus Ventures, one of the UK’s most active investors, in January 2025. She will remain in her current role until the end of the year to help choose a successor and become a “special advisor” to HSBC from the beginning of 2025
Speaking about her departure, Platts said that HSBC Innovation Banking is in a “strong position” with an “experienced and stellar leadership team in place.” But, after careful consideration, she decided it was time for her “next challenge.”
She added: “As someone who’s supported and championed the UK and European technology ecosystem, I’ve worked for many years alongside Octopus Ventures, one of the most active early-stage investors in the same ecosystem. I have always been a big fan and feel a clear alignment on values, so I am thrilled that I’ll still be supporting technology entrepreneurs and founders to achieve their goals.”
As CEO of Octopus Ventures, she will take on responsibility for the equity capital business and expand the pool of startups it supports across the UK and Europe.
Alliott Cole, the current CEO, will return to a full-time investment role. Cole will focus on working with key partners to help the firm’s portfolio startups through the later stages of growth.
Simon Rogerson, Octopus Group co-founder and chief executive, said Platts will help lead Octopus Ventures into its “next phase of growth”.
He added: “As entrepreneurs ourselves, we understand what it takes to turn an idea into a successful company capable of changing our world for the better. You need strong teams, capital at every life stage, and people in your corner who will champion your vision.”
