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Calculus Capital

Calculus Capital

Venture Capital

Calculus pioneered tax efficient investing with the launch of the UK's first approved EIS Fund in 1999. The firm targets high growth private companies across sectors including technology, healthcare and entertainment.

Portfolio

16

companies

AUM

£169M

under management


Portfolio companies

Bi

Booked it

Booked it offers an advanced booking and customer management platform for the leisure and events sector.

NT

Notify Technology

Notify Technology provides digital safety, health, environmental and quality management software.

I

Invizius

Invizius develops treatments to prevent life threatening inflammation during dialysis.

W

WorkL

WorkL provides employee engagement tools and workplace happiness diagnostics for businesses.

MIP Discovery

MIP Discovery

MIP Discovery develops synthetic affinity reagents for cell and gene therapies.

LT

Laverock Therapeutics

Laverock Therapeutics develops a gene silencing platform for programmable advanced therapies.

AS

Arctic Shores

Arctic Shores provides psychometric assessment software that evaluates candidate potential and soft skills.

W

Wazoku

Wazoku provides enterprise innovation management software for global organisations.

Rotageek

Rotageek

Cloud-based workforce scheduling software for multi-site businesses.

MIP Diagnostics

MIP Diagnostics

MIP Diagnostics develops synthetic antibodies for use in diagnostic devices.

H

Hinterview

Hinterview provides a video platform for the recruitment sector.

eConsult Health

eConsult Health

eConsult Health provides digital consultation platforms for healthcare providers.

Mo

Mo

Mo provides an employee engagement platform that helps companies build stronger workplace cultures.

BW

Blu Wireless

Blu Wireless develops high-speed millimeter-wave communication technology for fifth-generation networks and transport systems.

Essentia Analytics

Essentia Analytics

Provider of behavioural data analytics and consulting for professional investors.

CloudTrade

CloudTrade

CloudTrade delivers cloud based electronic invoicing and document exchange services.


Team

Richard Moore

Richard Moore

Co-head of Investments

Richard is an Investment Director at Calculus Capital. His background includes roles at Citi, Strata Partners, and J.P. Morgan.

AL

Alexandra Lindsay

Investment Director

Alexandra is investment director at Calculus Capital, having previously served as assistant director and investment analyst at the same firm.

LinkedIn
Madeleine Ingram

Madeleine Ingram

Head of Marketing and Investor Relations

Madeleine brings extensive marketing and investor relations experience from roles at Calculus Capital, S&P Global, and TIME Investments.

LinkedIn
AC

Alexander Crawford

Co-head of Investments

Alexander serves as co-head of new investments at Calculus Capital. He also holds non-executive director roles across several companies, including Blu Wireless and Optalitix.

LinkedIn
Francesca Rayneau

Francesca Rayneau

Assistant Director

Francesca directs sales, marketing, and investor relations at Calculus Capital. Her background includes prior roles at CW+, The Art and Science of Patient Care, and deVere Group.

LinkedIn
DT

Daniela Tsoneva

Assistant Investment Director

Daniela brings venture capital and startup experience from roles at Calculus Capital, Mercia Asset Management, and bgo ventures. She has also served as a non-executive director across several companies, alongside her current position as business development lead at finbryte.

LinkedIn
EK

Elizabeth Klein

Investment Director

LK

Liz Klein

Investment Director


Recent investments

£2.5M

Calculus Capital backed the £2.5m investment round to accelerate product development and team growth.

"Our growth in recent years has been really strong and the potential ahead is even greater. The investment from Calculus Capital marks a pivotal milestone in our journey, enabling us to accelerate growth across multiple dimensions – from product development to expanding our global footprint. Staying lean and capital efficient has always been core to our approach. Now, with the backing of the right partner, we’re positioned to fully capitalise on the opportunities ahead. We’re incredibly proud of what our team achieves every day – this milestone is a direct reflection of their dedication and talent. While we were fortunate to receive multiple offers, Calculus stood out as the right partner, with relevant experience and a shared vision for the future"
— Brad Nobbs, CEO
£1.5M

The funding round includes participation from Calculus Capital and the North East Venture Fund.

"Notify has become the challenger brand in Safety Tech through our approach to service and innovation, delivered by a fantastic team. I’m delighted we’ve been able to raise additional capital from long term investors to support our latest innovations and to continue our growth trajectory. Thousands of organisations are recognising the value of looking after the health, safety and wellbeing of their workforce, and Notify is now perfectly placed to deliver software that drives employee engagement and productivity."
— Duncan Davies, CEO
Series A
£2.0M

Calculus Capital has led a £2m Series A round in employee engagement platform WorkL to fund global growth.

"WorkL’s mission is to help people to have a happier time at work and drive commercial performance as a result. I’m looking forward to this new stage of WorkL’s growth and Calculus is a great partner to support us in helping even more organisations improve the happiness and engagement of their teams"
— Mark Price, Founder
Series A
£7.0M

The financing will support the commercial rollout of synthetic affinity reagents and team expansion.

"Securing funding for a novel reagents company in today's investment landscape demonstrates clear confidence in MIP Discovery's technology and renewed commercial strategy. Our proprietary modeling approach to developing synthetic antibody alternatives has already been successful for diagnostic applications, and we have already seen very encouraging traction for our expertise in the cell and gene therapy space."
— Stephane Argivier, CEO
Seed
£13.5M

Calculus Capital led the financing round alongside several institutional investors to support platform development and pipeline progression.

"GEiGS is already showing significant potential to transform the safety and efficacy of advanced therapies and we are excited that this new investment will allow us to progress towards pre-clinical candidate selection. We’re pleased to welcome such an experienced group of investors on board, bringing extensive sector expertise which will help us to grow as a company and accelerate the development of targeted, responsive treatments."
— David Venables, CEO
Series B
£5.8M

The Manchester-based psychometric assessment provider has secured Series B backing from Praetura Ventures and Calculus Capital to scale its soft-skills platform across Europe.

"This next phase of investment will help Arctic Shores to realise its mission to help companies see more in people and transform recruitment so that potential will count as much as hard skills or experience."
— Robert Newry, CEO
Series B
£8.5M

Octopus Ventures led the Series B round, which will fund product development and international expansion.

"In a world in which volatility and complexity are increasing and the nature of work and talent are drastically changing, it is critical that organisations develop the capability and capacity to think and act differently when it comes to change and innovation"
— Rich Bolton
Series A
£7.3M

The oversubscribed funding round includes participation from Mercia Asset Management, Calculus Capital, Downing Ventures, and BGF.

"We are delighted that our investors have emphatically and unanimously backed our vision to become leaders in next generation affinity reagents following the achievement of the key milestones we set together 18 months ago. We will continue to bring highly talented and experienced people to the business at all levels to accelerate our growth. This will be delivered by completing the industrialisation of our technology in targeted applications and bringing exciting new products to market to address unmet needs with high performance customer-centric solutions, which in turn will drive market adoption."
— Stephane Argivier, CEO
Series A
£7.0M

Gresham House Ventures led the £7m Series A investment to support primary and secondary care expansion.

"This funding will help us keep pace with the product development we need to support cutting edge health technology across both primary and secondary care. NHS patients deserve an excellent digital experience when interacting with the health service and we now look forward to delivering the transformation needed."
— Murray Ellender, CEO
Series A
£3.0M

The investment was led by Calculus Capital with continued backing from Mercia Fund Management.

"We are delighted to complete a further funding round with investors who share our vision. It provides a really meaningful opportunity to capitalise on the growth opportunities emerging as the world of work continues to see accelerated change."
— Luke Fisher, CEO
Series A
£1.3M

Calculus Capital led the investment, which supports the acquisition of US-based InnoCentive and international growth.

"Adding such a remarkable and proven external crowd to our existing platform means that no other organisation in the world has our reach and experience when it comes to open innovation, crowdsourcing and idea management,"
— Simon Hill, CEO
Series A
£5.1M

Downing Ventures, BGF, Mercia, and Calculus Capital backed the Bedfordshire nanotechnology business in its latest round.

"We are delighted to be bringing such high-profile investors on board, who share our ambitious growth plans for the business. This significant investment is a strong endorsement of the MIPs technology, it will enable us to scale our operations and take the business to the next level. MIPs offer many advantages and provide solutions to enable new applications that push the limit of what was previously possible. This investment will enable us to rapidly expand our operations to service these opportunities and bring exciting new products to the market."
— Stephane Argivier, CEO
Series B
£6.0M

The workforce management software provider has raised £6m to drive international expansion.

"It’s our mission to create a step-change in scheduling to improve not only how businesses and organisations run their operations, but to also positively and significantly impact the lives of shift-based employees. As a [former] doctor, I am particularly passionate about taking those benefits to the healthcare sector. We are excited about this new funding round, are pleased to welcome Calculus and to receive continued support from Mobeus."
— Chris McCullough, CEO
Series B
£12.7M

The investment round was led by Arm, Calculus Capital, Kendall, MGL, and Guinness Asset Management.

"The strong financial foundation that our investors are giving us will be crucial to our ability to work with our partners to deliver large scale mmWave 5G deployments across a number of key markets. Working closely with our partners and their customers, we are seeing a diverse and growing range of emerging applications for our technology – whether it be for drone-to-drone communications or private enterprise networks. We’d like to thank all our shareholders for their continued support at this pivotal commercialisation phase."
— Henry Nurser, CEO
Series A
£2.5M

Calculus Capital led the funding round, which will support the fintech firm as it scales its client base.

"We are delighted to have Calculus on board. Their investment and expertise come at a hugely important time for us. Asset managers face increasing pressure to prove their alpha-generating skill and improve performance, which provides a significant opportunity for us to continue growing and developing our service. We are very much looking forward to working closely with Calculus to achieve our mission of helping human investors make measurably better decisions."
— Clare Flynn Levy, CEO
Seed
£2.0M

Calculus Capital backed the e-invoicing vendor in its first investment round.

"Our investment will help CloudTrade to strengthen their global sales and support teams, expanding their platform to cover additional languages and bolstering their presence in the European and US markets. We believe this is an exciting, second phase in the development of a ‘Little British Battler’ with strong global growth potential."
— Richard Moore, Co-head of Investments