Fundraising Fox

Calculus Capital Ltd.

Venture capital

London · Seed–Late Stage · 31 people tracked

Also known as Mcdonald Glencross Limited · Mcdonald-Glencross Limited

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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.

Stage
Seed–Late Stage
Check
$2.5M
HQ
London, GB
Instruments
Equity
Founded
1999
Last 12 months
1 investment
Net assets · FY2025
$7.3M
Tracked investments
42

Team · 31 people

from the firm's website & curated & public directories
John Glencross· CEO and Co-Founderin
Richard Moore· Co-Head of Investmentsin
Elizabeth Klein· Investment Directorin
Bella White· Client Services
Christopher Gould· Financial Planning and Analysis Managerin
Francesca Rayneau· Director, Head of Sales and Marketing
Frank Spurway· Assistant Director, Sales & Marketing
James Gower· Analyst, Sales and Marketing
Mariyah Dosani· Director - Media and Entertainment Financing
Matthew Moynes· Director, Sales & Marketing
Oliver Warren· Director, Sales & Marketing
Richard Banks· Associate Fund Administrationin
Natalie Evans· Finance Directorin

What they invest in

from 13 of 42 portfolio companies

Biotech ×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 path

By year:2026 · 12024 · 12018 · 13 dated

Laverock Therapeutics Seedlaverocktx.comin✓ verified

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 Shoresarcticshores.comin

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

Arecorarecor.comin

AreCor develops proprietary pharmaceutical products for diabetes, obesity, and cardiometabolic diseases using its Arestat technology platform.

BiotechDeep TechHealthtech

Co-investorsAlbionVCSeneca Partners

Axol Bioscience Censo Biotechnologies

UK stem cell company formed by the 2021 merger of Axol Bioscience and CENSO Biotechnologies, supplying iPSC-derived cells and CRO services.

Blu Wirelessbluwireless.comin𝕏

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

Blu Wireless Technologybluwirelesstechnology.com

Bristol-based developer of mmWave wireless communication systems for defence, high-speed rail and other mobility markets.

Co-investorsGuinness VenturesPerscitus LLP

Booked It

London-based provider of white-label booking, ticketing, CRM, marketing and loyalty software for venues, events and festivals.

Brouhaha Entertainment

UK-Australia independent film and television production company founded in 2021 by Gabrielle Tana, Troy Lum and Andrew Mason.

C4X Discovery

UK drug discovery company designing small-molecule candidates for immuno-inflammation using molecular design and patient stratification.

EconsultAcquired

UK digital triage and online consultation platform built by NHS GPs, acquired by healthcare AI company Huma in 2024.

Edifyin𝕏
Ensilitechensilitech.comin

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 Analyticsessentia-analytics.comin𝕏

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

Fiscal Technologies

UK-based software company whose cloud platform analyses transactions and suppliers to reduce procure-to-pay and supplier risk.

Grateful

Grateful is a UK cashless tipping and tronc management platform for hospitality and service businesses.

Hinterview

Hinterview is a London-based video and conversation-intelligence platform built for recruitment agencies and talent teams.

Home Team Content

UK film and television production company developing and producing feature films and TV series with under-represented creatives.

Inviziusinvizius.com

Invizius develops therapeutics targeting the complement system to treat kidney disease and other disorders driven by uncontrolled immune activation.

BiotechDeep TechHealthtechMedical DevicesGlasgow, GB

Ipv

Inflection Point Ventures (IPV) is an India-based angel investing platform that pools capital from members to fund early-stage startups.

Laverock Therapeutics

UK gene control company developing programmable, tunable gene silencing for disease-responsive advanced cell therapies.

Co-investorsMaven Capital Partners

Maven Screen Media

Film and television production company founded by Trudie Styler and Celine Rattray, focused on female-led storytelling.

Mip Diagnostics

UK nanotechnology firm making molecularly imprinted polymers as synthetic alternatives to antibodies for diagnostics and bioprocessing.

Mo

M0 builds stablecoin infrastructure that lets issuers deploy and interoperate their own dollar-pegged tokens.

Notify
Open Energy Market

UK company operating a platform for buying and selling commercial energy for public and private sector organisations.

Optalitixoptalitix.comin

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 BioTherapeuticsoxfordbiotherapeutics.com

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

Quai Network is a scalable, smart-contract-enabled Proof-of-Work Layer-1 built on a multichain blockchain architecture.

Raindog Films

UK film and television production company co-founded in 2012 by actor Colin Firth and music executive Ged Doherty.

Resurrect Bioresurrect.bioinFeb 2026 · $8.1M

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

Riff Raff
Rotageekrotageek.comin𝕏

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

Scancell

Oxford-based, AIM-listed clinical-stage company developing off-the-shelf active cancer immunotherapies from its Immunobody and Moditope platforms.

Smartr365smartr365.com

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

Spectral MDspectralmd.comSep 2018

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)

Tagomicstagomics.comFeb 2024

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

Tagomics

University of Birmingham spinout building a multiomic DNA profiling platform for biomarker discovery and liquid biopsy diagnostics.

Trogenix

Edinburgh biotech developing AAV-delivered synthetic super-enhancer gene therapies for aggressive solid tumours.

Wazokuwazoku.comin𝕏

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

Weedingtech

Supplies machines and supplies that kill weeds without using herbicides.

Co-investorsBoundary Capital

Wonderhood

London-based Wonderhood Studios combines TV production, advertising and audience-data capabilities under founder David Abraham.

Workl

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

Principals & officers · per Companies House

what is this? ⓘ
Arthur John Glencross

Director · British · since 1999

Susan Rebecca Mcdonald

Director · American · since 1999

Julie Hong Nhan Ngo

Director · British · since 2022

Ownership & control

Calculus Holdings Limited75–100% 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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