About Calculus Capital
Calculus Capital is a venture capital firm founded in 1999. It is primarily based out of London, United Kingdom. As of Jun 2026, Calculus Capital is an active investor, having invested in 71 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in United Kingdom based startups. Its investments are spread across a wide range of sectors from Life Sciences to Enterprise Applications and High Tech. Most recently it participated in the $***** Seed round of Edify Overall, Calculus Capital portfolio has seen 6 IPOs and 13 acquisitions including key companies like Horizon Discovery, ActiveOps and Scancell. A lot of funds co-invest with Calculus Capital, with names like IQ Capital sharing a substantial percentage of its portfolio. Calculus Capital has team of 16 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 5 more
Portfolio IPOs
Portfolio Soonicorns
Deals in last 12 months
Calculus Capital's List of Top Investments
Calculus Capital has a portfolio of 71 companies. Their most notable investments are in Arctic Shores and ActiveOps.Their portfolio spans across United Kingdom, United States, Ireland and 2 more locations. They have invested in Life Sciences, Enterprise Applications, High Tech and 21 other sectors, across stages such as Series A, Seed and 5 more. Here is the list of top investments by Calculus Capital:Provider of human cells, reagents, and reprogramming services. The company's products include reprogramming cells and iPSCs. The company also provides differentiated cells derived from healthy donors and patients of specific disease backgrounds. It provides culture medium and reagents such as Xeno-Free Neural Cell Culture, Cell Culture Media, Coating Solutions, Reagents and Supplements, Cytokines, and Growth Factors.
Key facts about Axol Bioscience
- Founded Year: 2013
- Location: Cambridge (United Kingdom)
- Annual Revenue: £0 - £1M as on Dec 31, 2016
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $13.3M
- Employee Count: 60 as on Aug 31, 2026
- Investors: Cambridge Angels, Calculus Capital and 13 Others
- Latest Funding Round: Series A, Jan 13, 2026, $*****
- Highlight: Editors' Pick
Developer of cell lines with genetic modification using AAV gene-editing platform. The company has cell line engineering, knockout cell lines, and reporter cell lines. It also provides services in T cell activation assay, lymphocyte reaction assay, T cell-mediated tumor cell lysis assay, ADCC, and CDC assays, gene-editing for immuno-oncology, CRISPR Screening, drug combination screening, in vitro assay, and in-vivo assay.
Key facts about Horizon Discovery
- Founded Year: 2007
- Location: Cambridge (United Kingdom)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $46.3M
- Employee Count: 91 as on Aug 31, 2026
- Investors: ValueAct Capital, Draper Esprit and 14 Others
- Latest Funding Round: Post IPO, Sep 07, 2018, $*****
- Highlight: Acquired
3. ActiveOps
ActiveOps works on operations performance management for an organization. Its has products Strategic Operations Planning, Operations Capacity Management and Operations Performance Insight, which helps in task modelling, staff performance measurement, coaching and skill development. Its clients include ADCB, AIB, Capita, Perpetual, HP etc.
Key facts about ActiveOps
- Founded Year: 2005
- Location: Reading (United Kingdom)
- Annual Revenue: £10M - £50M as on Mar 31, 2019
- Stage: Public
- Total Funding till date: $8.32M
- Employee Count: 323 as on Aug 31, 2026
- Investors: Herald Investment Management and Calculus Capital
- Latest Funding Round: Series A, Mar 18, 2014, $*****
- Highlight: Public
4. Trogenix
Developer of precision cancer treatments using its proprietary gene therapy platform. It leverages proprietary Synthetic Super-Enhancers technology, delivered via Adeno-Associated Virus vectors. It offer therapies for glioblastoma, colorectal cancer, hepatocellular carcinoma, lung squamous cell cancer, and fibrosis.
Key facts about Trogenix
- Founded Year: 2023
- Location: Edinburgh (United Kingdom)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $111M
- Investors: 4Bio Capital, Lilly and 9 Others
- Latest Funding Round: Series A, Oct 06, 2025, $*****
- Highlight: Editors' Pick
Provider of AI-based crop protection solutions. It experiments on r-genes by combining computational biology, AI, and synthetic biology methods to develop its product. It claims to improve the immune system of crop species to protect them from disease.
Key facts about Resurrect Bio
Calculus Capital's Year-on-Year Investment Trends
Calculus Capital has invested in 71 companies over the last 25 years, with an average of 3 new investments annually in the last 10 years. In 2025, it made 6 investments, while as of Jun 2026, it has made 2 investments in this year. Its most recent first time investment was in Edify and most recent follow-on round was in Laverock Therapeutics.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 2 | 0 | 2 |
2025 | 4 | 2 | 6 |
2024 | 1 | 2 | 3 |
2023 | 2 | 0 | 2 |
2022 | 4 | 4 | 8 |
2021 | 3 | 0 | 3 |
2020 | 3 | 0 | 3 |
2019 | 3 | 3 | 6 |
2018 | 4 | 1 | 5 |
2017 | 6 | 2 | 8 |
Calculus Capital's Investments by Stage
Calculus Capital is primarily an Early Stage Investor investor majorly investing in Series A (33) rounds where average round size is $235M, Seed (11) rounds where average round size is $38.7M and Post IPO (4) rounds where average round size is $35.2M.Stage of entry | No. of Investments |
|---|---|
Series A | 33 |
Seed | 11 |
Post IPO | 4 |
Series B | 4 |
PE | 3 |
Others | 2 |
Note: We have considered here, only first round of investments
Calculus Capital's Investments by Sector
Calculus Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Life Sciences, Vertical SaaS, High Tech and Business Services. Notably, it has invested in 48 Enterprise (B2B) companies, 43 Tech companies, 19 Software companies and at least 15 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 19 |
Life Sciences | 15 |
Vertical SaaS | 11 |
High Tech | 9 |
Business Services | 6 |
Others | 40 |
Note: We have considered here, only first round of investments
Calculus Capital's Investments by Geography
Calculus Capital has made most investments in United Kingdom (50), followed by United States where it has made 2 investments.Country | No. of Investments |
|---|---|
United Kingdom | 50 |
United States | 2 |
China | 1 |
Denmark | 1 |
India | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Calculus Capital's recent investments
Calculus Capital has made 2 investments in 2026 so far - Edify and Resurrect Bio.Here are the most recent investments by Calculus Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 01, 2026 | United Kingdom | Seed | 9385 | - | |
Feb 18, 2026 | United Kingdom | Series A | 6185 | [+4] | |
Oct 14, 2025 | United Kingdom | Seed | 6510 | - | |
Oct 06, 2025 | United Kingdom | Series A | 7089 | [+6] | |
Aug 28, 2025 | China | Seed | 5266 | [+7] |
IPOs and Publicly Listed companies in Calculus Capital's Portfolio
6 of Calculus Capital's portfolio companies have become public. Spectral MD got listed on the London Stock Exchange (LSE), in Jun 2021 at marketcap of $34.9M and Arecor got listed on the London Stock Exchange (LSE) at marketcap of $92.8M.Here are Calculus Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 22, 2021 | - | - | 1717 | |
Jun 03, 2021 | Sep 10, 2018 | Series A | 9582 | |
Mar 29, 2021 | Mar 18, 2014 | Series A | 2459 | |
Sep 04, 2017 | - | - | 7924 | |
Jul 30, 2010 | Apr 08, 2016 | Post IPO | 4727 |
Acquired companies in Calculus Capital's Portfolio
13 companies from Calculus Capital's portfolio have been acquired. The most recent acquisition was Mo in Nov 2025 by UKG for $*****.Here are Calculus Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 26, 2025 | Oct 27, 2020 | Series A | 5722 | |
May 01, 2025 | May 07, 2020 | Series B | 4439 | |
Oct 07, 2024 | Dec 16, 2014 | Post IPO | 8914 | |
Oct 02, 2024 | Feb 04, 2021 | Series A | 5048 | |
May 17, 2023 | 2001 | Unattributed | 5813 |
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Team profile of Calculus Capital
Calculus Capital has a team of 16 members including 2 Partners and 6 Principals located in United Kingdom. Calculus Capital's team sits on the board of 1 company.Here is a list of top team members in Calculus Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | London | - | - | |
Partner | London | - | - | |
Principal | - | - | - | |
Principal | London | - | ||
Principal | London | - | ||
Principal | London | - | - | |
Principal | London | - | - | |
Principal | London | - |
Co-investors of Calculus Capital
Over the past 25 years, 183 investors have co-invested in Calculus Capital's portfolio companies. This includes funds and angels.
- Invested before Calculus Capital: Europa, Seneca Growth Capital and 105 others have invested in rounds before Calculus Capital. There are 2 companies where Europa has invested before Calculus Capital and 2 companies where Seneca Growth Capital has invested before Calculus Capital.
- Top Co-investors of Calculus Capital: 35 investors entered a company along with Calculus Capital. These include investors like IQ Capital (2 companies).
- Invested after Calculus Capital: A total of 41 investors have invested in Calculus Capital's portfolio after their investments. Top Investors include Scottish Enterprise (3 companies), Europa (3 companies) and Gov (3 companies).
Recent News related to Calculus Capital
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Resurrect Bio Secures $8.1M Series A for Gene-Edited Disease ResistanceiGrow News•Feb 18, 2026•Resurrect Bio, Corteva Agriscience, Calculus Capital
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Ronny Lukito sells all his shares in STARIDNFinancials•Nov 21, 2025•PT Buana Artha Anugerah, Calculus Capital
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£1.5m investment to help business transform tips for frontline workersTheBusinessDesk.com•Oct 14, 2025•Grtfl, Calculus Capital, Grateful Org
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Trogenix raises $95M for brain cancer program nearing clinicEndpoints•Oct 06, 2025•Trogenix, LongeVC, Brain Tumor Investment Fund, Cancer Research Horizons and 5 others
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Trogenix, founded by 4BIO Capital, secures £70 million Series A financingGlobeNewswire•Oct 06, 2025•Trogenix, Calculus Capital, Lilly, 4Bio Capital and 4 others
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British BioTech EnsiliTech secures €5.2M to cut cold-chain costsEU-Startups•Aug 28, 2025•Empirical Ventures, EnsiliTech, Eos Advisory, Calculus Capital and 4 others
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UK biotech firm Laverock Theurapetics nets $27.5m seed fundingTech in Asia•Jul 01, 2025•Laverock Therapeutics, Calculus Capital, Lilly, Mercia Ventures and 3 others
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Laverock Therapeutics Secures Over €23.3M for Gene Control PlatformStartup Rise EU•Jun 30, 2025•Laverock Therapeutics, Calculus Capital, Lilly, Mercia Ventures and 3 others
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