Ex-Darktrace head Poppy Gustafsson named UK investment minister

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Darktrace co-founder Poppy Gustafsson has been appointed as the UK’s investment minister ahead of the government’s international business summit on Monday, according to officials.

Gustafsson, who left Darktrace last month ahead of a £4.3bn takeover of the cyber security group, will be charged with promoting the UK as a place to invest and do business.

Filling the vacancy before the investment summit was seen as an important step with a shortlist whittled down in the weeks since the governing Labour party’s annual conference in late September. 

The junior ministerial role is regarded as particularly important given Prime Minister Sir Keir Starmer’s focus on growing the economy and attracting international investment.

Previous investment ministers under the Conservatives included City grandee Lord Gerry Grimstone and Lord Dominic Johnson, a former business partner of ex-Tory minister Sir Jacob Rees-Mogg. 

The appointment of an investment minister was delayed after chancellor Rachel Reeves’ first choice, Benjamin Wegg-Prosser, turned down the chance to take the role to focus on his private sector career.

Wegg-Prosser heads Global Counsel, the advisory group he co-founded with former Labour minister Lord Peter Mandelson. 

Gustafsson spent more than a decade at Cambridge-based Darktrace, which she had led since 2016. The company listed in 2021 and agreed a sale to US private equity group Thoma Bravo this year.

Darktrace was backed by Mike Lynch, the British entrepreneur who died in August when his yacht sank off the coast of Sicily.

It listed in 2021 but faced turbulence on the public markets, with short sellers alleging in 2023 that the company seemed to have incorrectly booked some sales and may have misrepresented the nature of its revenue. Darktrace rebutted the claims.

Gustafsson’s appointment comes as Starmer prepares to welcome about 200 executives to Monday’s summit in central London, with some flying in from the US and Asia. 

Starmer, chancellor Rachel Reeves and business secretary Jonathan Reynolds are set to address executives at the event, according to a copy of the agenda seen by the Financial Times. 

The prime minister will also take part in a discussion with former Google boss Eric Schmidt and GSK chief Emma Walmsley.

Gustafsson was already due to speak at the summit, according to the agenda circulated to attendees this week. 

Labour promised to convene global investors within 100 days of taking office after its July 4 election victory. 

Some businesses have expressed concern that the event will be overshadowed by uncertainty over potential tax rises at the Budget to be held 16 days later.