Matthew Ridley is stepping down from his position as head of airline group International Airlines Group’s (IAG) corporate venture arm, Hangar 51, after seven years.
IAG hired Ridley to run Hangar 51 in 2017. The unit oversees venture investments and research and development for the company, focusing on newer and more sustainable modes of air travel. It recently launched an accelerator programme that kicked off last month.
Ridley’s time at Hangar 51 involved him overseeing investments in portfolio companies including sustainable aviation fuel developer LanzaJet and ZeroAvia, which is working on hydrogen-electric powertrains for aircraft.
The unit’s latest investment, in dynamic seat upgrade startup SeatBoost, came late last month. It has not revealed who will be taking over Ridley’s duties.
“When corporate VC goes right it can be incredibly effective at propelling new technologies forward and accelerating adoption,” Ridley said in a LinkedIn post announcing his move.
“In my time at IAG, we committed money to some fantastic entrepreneurs. We funded new technologies and business models which improved to the refuelling processes, the aircraft turnaround, the way customers book flights and provided essential momentum to the decarbonisation of flying.”
Ridley logged two years at Winton Ventures, the venture capital arm of investment manager Winton, before joining IAG. He has not disclosed his next plans but tells GCV it will be linked to corporate VC activities.
