Calculus Capital Ltd.
Venture capitalLondon · Seed–Late Stage · 31 people tracked
Also known as Mcdonald Glencross Limited · Mcdonald-Glencross Limited
Investment thesis
Calculus is a long-standing UK manager focused on tax-advantaged investing through EIS funds and VCTs, backing EIS and VCT qualifying companies since launching the first UK approved EIS fund in 1999. It runs a generalist EIS fund annually and multiple VCT share issues, and in 2022 launched a Knowledge Intensive EIS Fund. Its approach emphasises capital appreciation, a diligent investment and monitoring process, and a track record of profitable exits. In January 2026 it added the Calculus Inheritance Tax Solution, providing secured loans for film and TV productions.
Source: firm website, verified Aug 3, 2026.
Team · 31 people
from the firm's website & curated & public directoriesWhat they invest in
from 13 of 42 portfolio companiesBiotech ×8AI & Machine Learning ×6Deep Tech ×6Healthtech ×5SaaS ×4Medical Devices ×3Fintech ×2HR Tech ×2
HQs:United Kingdom×6United States×1
Investments · 42 tracked
founders shown can be your intro pathBy year:2026 · 12024 · 12018 · 13 dated
Laverock Tx is a biotechnology company working in the gene therapy and gene editing space, with a leadership and advisory team drawn from cell and gene therapy, immunology, and life-science investing backgrounds.
BiotechDeep TechHealthtech
Co-investorsEos AdvisoryFuture Planet CapitalTekfen VenturesUK Innovation & Science Seed Fund
Arctic Shores provides psychometric testing and recruitment tools designed to reduce hiring bias and support diversity goals for businesses.
AI & Machine LearningHR TechSaaS
Co-investorsBeringeaBeringea ProVen VCT
AreCor develops proprietary pharmaceutical products for diabetes, obesity, and cardiometabolic diseases using its Arestat technology platform.
BiotechDeep TechHealthtech
Co-investorsAlbionVCSeneca Partners
UK stem cell company formed by the 2021 merger of Axol Bioscience and CENSO Biotechnologies, supplying iPSC-derived cells and CRO services.
Blu Wireless develops millimeter wave radio networking technology for wireless communications.
Deep TechDefense TechHardwareSemiconductorsBristol, GB
Anthony Murray(Chief Executive Officer)Johnny Bray(Chief Financial Officer)Dave Purle(Chief Operating Officer)Ciara Barron(Director of Marketing)Darren McNamara(Director of Technology Development)Jonathan Rogers(Director of Systems and Platforms)
Co-investorsMaven Capital PartnersCambridge Angels groupSalica InvestmentsARMWren Capital
Bristol-based developer of mmWave wireless communication systems for defence, high-speed rail and other mobility markets.
Co-investorsGuinness VenturesPerscitus LLP
London-based provider of white-label booking, ticketing, CRM, marketing and loyalty software for venues, events and festivals.
UK-Australia independent film and television production company founded in 2021 by Gabrielle Tana, Troy Lum and Andrew Mason.
UK drug discovery company designing small-molecule candidates for immuno-inflammation using molecular design and patient stratification.
UK digital triage and online consultation platform built by NHS GPs, acquired by healthcare AI company Huma in 2024.
EnsiliTech develops ensilication technology, a silica-based method to stabilise vaccines and biopharmaceuticals so they can be stored and transported without refrigeration.
BiotechCleantechDeep TechHealthtechMedical Devices
Asel Sartbaeva(Co-Founder & CEO)Matt Slade(Co-Founder & Chief of Staff)Stephen Wells(Co-Founder & Advisor)Aswin Doekhie(Co-Founder & CTO)Sabine Ficek(CFO)Simon Bennett(Chief Commercial Officer)
Co-investorsElbow Beach CapitalEos Advisory
Essentia Analytics provides behavioral analytics software and performance consulting for professional investors, helping fund managers reduce bias, maintain investment discipline and improve returns.
AI & Machine LearningFintechSaaS
Clare Flynn Levy(CEO)
Co-investorsSalica Investments
UK-based software company whose cloud platform analyses transactions and suppliers to reduce procure-to-pay and supplier risk.
Grateful is a UK cashless tipping and tronc management platform for hospitality and service businesses.
Hinterview is a London-based video and conversation-intelligence platform built for recruitment agencies and talent teams.
UK film and television production company developing and producing feature films and TV series with under-represented creatives.
Invizius develops therapeutics targeting the complement system to treat kidney disease and other disorders driven by uncontrolled immune activation.
BiotechDeep TechHealthtechMedical DevicesGlasgow, GB
Inflection Point Ventures (IPV) is an India-based angel investing platform that pools capital from members to fund early-stage startups.
UK gene control company developing programmable, tunable gene silencing for disease-responsive advanced cell therapies.
Co-investorsMaven Capital Partners
Film and television production company founded by Trudie Styler and Celine Rattray, focused on female-led storytelling.
UK nanotechnology firm making molecularly imprinted polymers as synthetic alternatives to antibodies for diagnostics and bioprocessing.
M0 builds stablecoin infrastructure that lets issuers deploy and interoperate their own dollar-pegged tokens.
UK company operating a platform for buying and selling commercial energy for public and private sector organisations.
Optalitix provides an enterprise platform that consolidates pricing and underwriting workflows, enabling organizations to modernize their pricing models without disruption through incremental cloud migration and governance.
AI & Machine LearningCloud ComputingEnterprise SoftwareFintechInsurTechSaaSLondon, GB
Co-investors24 Haymarket
Oxford BioTherapeutics develops first-in-class oncology therapies—including antibody-drug conjugates (ADC), immuno-oncology, T-cell engagers, and radiopharmaceuticals—using its OGAP-Verify proteomic platform to identify novel cancer targets.
BiotechHealthtech
Co-investorsOxfordPercipient CapitalPerscitus LLP
Quai Network is a scalable, smart-contract-enabled Proof-of-Work Layer-1 built on a multichain blockchain architecture.
UK film and television production company co-founded in 2012 by actor Colin Firth and music executive Ged Doherty.
Resurrect Bio develops genetic disease-resistance traits for crops by restoring plant R-genes, using its FloraFold AI platform and rapid in-planta screening for trait discovery.
AgTechAI & Machine LearningBiotech
Cian Duggan(CEO / Co-Founder)Tolga Bozkurt(Co-Founder)Sophien Kamoun(Co-Founder)
Co-investorsFuture Planet CapitalSynBioVenUK Innovation & Science Seed FundAgFunderPymwymic
Rotageek provides workforce management and scheduling software for rota planning, including demand forecasting, labour modelling, auto-scheduling, time and attendance tracking, and leave management.
AI & Machine LearningFuture of WorkHR TechRetail TechSaaS
Chris McCullough(Co-founder)Roy Pounder(Co-founder)Nick Mann(Co-founder)
Co-investorsVenture FoundersVolution VenturesCalculusGresham HouseGresham House VenturesMobeus Equity Partners
Oxford-based, AIM-listed clinical-stage company developing off-the-shelf active cancer immunotherapies from its Immunobody and Moditope platforms.
An end-to-end mortgage and protection platform that automates the mortgage process and integrates brokers, estate agents, homebuyers and lenders.
Conor Murphy(Founder)in
Co-investorsPembroke VCTLegal & General
AI medical diagnostics company whose DeepView imaging platform predicts whether burns and other wounds will heal.
BiotechDallas, US
J. Michael DiMaio(Executive Officer, Director)John H, Stevens(Director)Erich Spangenberg(Director)
Tagomics develops multimodal technologies for precision medicine and next-generation diagnostics.
AI & Machine LearningBiotechDeep TechMedical DevicesCambridge, GB
Dr Jack Kennefick(Co-founder, Director & Chief Executive Officer)Dr Robert Neely(Co-founder, Director & Chief Scientific Officer)
Co-investorsIllumina VenturesCalculusIQ CapitalMEIF Proof-of-Concept & Early Stage FundMercia VenturesOMX Ventures+1 more
University of Birmingham spinout building a multiomic DNA profiling platform for biomarker discovery and liquid biopsy diagnostics.
Edinburgh biotech developing AAV-delivered synthetic super-enhancer gene therapies for aggressive solid tumours.
Wazoku is a London-based innovation management company combining an AI platform with the Innocentive open-innovation solver marketplace.
Simon Hill(Founder)inRosemarie Diegnan(Founder)in
Co-investorsCambridge Angels groupOctopus VenturesSaaS Capital
Supplies machines and supplies that kill weeds without using herbicides.
Co-investorsBoundary Capital
London-based Wonderhood Studios combines TV production, advertising and audience-data capabilities under founder David Abraham.
WorkL is a UK employee engagement business whose Happy at Work Test measures workplace happiness and powers best-employer rankings.
Portfolio news
latest coverage across their companies
Arecor · clinicaltrialvanguard.com · Aug 16, 2026

Smartr365 · theintermediary.co.uk · Aug 4, 2026
Resurrect Bio · eu-startups.com · May 14, 2026
Essentia Analytics · essentia-analytics.com · Oct 6, 2025
Tagomics · news-medical.net · Jun 10, 2025
Rotageek · greshamhouseventures.com · Jun 9, 2025
Principals & officers · per Companies House
what is this? ⓘDirector · British · since 1999
Director · American · since 1999
Director · British · since 2022
Calculus Holdings Limited — 75–100% of shares, 75–100% of voting rights, right to appoint and remove directors
Frequently asked questions
- How many investments has Calculus Capital Ltd. made?
- Calculus Capital Ltd. has 39 tracked investments, including 1 dated in the last 24 months.
- What stage does Calculus Capital Ltd. invest at?
- Calculus Capital Ltd. invests at the Seed, Series A, Series B, Series C, Late Stage stages.
- What is Calculus Capital Ltd.'s typical check size?
- Calculus Capital Ltd. typically writes checks of $2.5M.
- What sectors does Calculus Capital Ltd. focus on?
- Calculus Capital Ltd. focuses on Biotech, Data & Infrastructure, Enterprise Software, Fintech, Healthtech, IoT, Media & Entertainment, Medical Devices, SaaS, Sector Agnostic.
- Where is Calculus Capital Ltd. located?
- Calculus Capital Ltd. is headquartered in London, GB.
- Who does Calculus Capital Ltd. co-invest with?
- Calculus Capital Ltd. most often shares deals with Perscitus LLP, Boundary Capital, Maven Capital Partners, among 24 tracked co-investors.
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