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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

19

companies

AUM

£169M

under management

Investment by month

By category

  • HealthTech£78.0M
  • BioTech£38.4M
  • Enterprise Software£13.0M
  • Telecoms£12.7M
  • AI/ML£10.5M
  • Other£18.8M

By location

  • Edinburgh£70.4M
  • London£52.5M
  • Bedfordshire£19.4M
  • Bristol£17.2M
  • Manchester£5.8M
  • Other£6.0M

Portfolio companies

AS

Arctic Shores

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

BW

Blu Wireless

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

Bi

Booked it

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

CloudTrade

CloudTrade

CloudTrade delivers cloud based electronic invoicing and document exchange services.

E

EnsiliTech

EnsiliTech develops room temperature stabilisation technology for vaccines and biologics.

Essentia Analytics

Essentia Analytics

Provider of behavioural data analytics and consulting for professional investors.

View all 19 companies

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
View all 8 team members
EK

Elizabeth Klein

Investment Director

LK

Liz Klein

Investment Director

LinkedIn

Recent investments

Seed
£1.5M

Calculus Capital led a £1.5m seed investment to fund product development and international expansion.

"Frontline workers are the backbone of the service economy, yet they remain under-served by outdated systems that make tipping opaque, distribution slow, and compliance a headache for employers. With the shift to a cashless society and the introduction of the Employment (Allocation of Tips) Act 2023, businesses are under increasing pressure to manage tips fairly and transparently, while workers struggle to make their earnings go further."
— Mason Potter, CEO
Series A
€80.0M

The financing round was led by IQ Capital to accelerate clinical trials for glioblastoma and other solid tumours.

"This significant investment accelerates our lead programme in glioblastoma and follow-on programme in colorectal cancer liver metastases through the clinic, advances our pipeline in liver and lung cancers, and further enhances our Odysseus platform. We are honoured to have the support of existing and new investors who share our mission to deliver breakthrough treatments and pursue cures for the thousands of patients and families facing devastating diagnoses each year."
— Ken Macnamara, Chief Executive Officer
Seed
£4.5M

The Bristol based biotech startup secured £4.5m from Eos Advisory, Calculus Capital, and HERmesa to expand manufacturing and drive commercial validation.

"The founding team of EnsiliTech is not just a team of collaborators. There is deep respect between all members of the team… created as a result of aligned values, respect for each other’s personalities, diversity of thought and backgrounds…"
— Asya Sartbaeva, CEO
£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