Apiary Capital has invested an undisclosed part of a £200 million fund into Tag days before the appointment of Steve Barrass as Tag chief executive. Barrass, who joins on August 1, was previously dnata Travel’s senior vice president for new ventures.

Following Barrass’s appointment, Maurice Veronique, co-founder of Tag, will step down from the board, whilst co-founder John Gianquitto will remain in the business on a day-to-day basis and take the role of founder and president.

Nicki Boyd, a partner at Apiary Capital, said: “Our investment and Steve’s appointment is testament to the impressive business John and Maurice have built together. As a UK company operating in a fragmented market, but with an excellent platform for growth, Tag fits perfectly within our investment sphere.

“We wish Maurice well and thank him for his involvement in securing our investment. We very much look forward to working with John and Steve as they build on the tremendous successes the business has achieved to date.”

Co-founder John Gianquitto added: “This is an incredible milestone for Tag. Apiary’s investment will enable the group to accelerate its growth through technology investment and expansion into new markets, whilst maintaining its reputation for peerless levels of customer service that everyone has come to expect from Tag.”