Early-stage investor Calculus has launched a “knowledge intensive” Enterprise Investment Scheme (EIS) fund focusing on technology and healthcare companies.
Calculus declined to say how much it is planning to raise, although the offer is open until April 5 2023.
The launch of the fund, called The Calculus Knowledge Intensive EIS Fund, comes off the back the Government’s renewed support of EIS in the mini-budget, having lifted the 2025 sunset clause and giving investors the opportunity to support early-stage companies with a societal purpose and impact.
Calculus said at least 80 per cent of the fund’s capital was invested into businesses carrying out research and development to create new intellectual property.
The London-based VC’s current portfolio of impact companies include Oxford BioTherapeutics, a clinical stage start-up creating therapies for high-risk cancer patients; Hinterview, a video platform for recruitment agencies; and Arecor, a biopharmaceutical company offering treatments for diabetics.
The fund offers a portfolio of at least six companies and will aim to emulate the VC’s success in 2021, where it made eight profitable exits and returned over £50m.
Technology and healthcare are two of the UK’s fastest-growing sectors. The technology sector in particular leads the European market, having raised double the amount of VC funding of any other country in 2022.
John Glencross, chief executive and co-founder of Calculus Capital, said: “Calculus has been investing in knowledge intensive companies as part of its investment strategy since launching the first HMRC approved EIS fund in 1999. Since then, it has built a long-standing reputation for profitable exits for investors.
“This approved fund … will give purposeful investors the opportunity to grow their own wealth and give meaningful support to a new generation of UK companies driving the digital revolution forward and improving healthcare.”