New profitable exit for Calculus and Mobeus VCTs: enterprise software provider Rotageek
This month, VCT-backed workforce scheduling app Rotageek was acquired by ELMO Group, a leading Australia-based HR technology provider. The acquisition provided an exit for both Calculus VCT and the Mobeus VCTs.
Rotageek is the brainchild of two doctors and a tech professional: Chris McCullough, Roy Pounder and Nick Mann. They set up the company in 2006 to use technology to ease rostering difficulties at the harried A&E where Chris worked.
Rotageek’s AI-driven platform is now used by the likes of Louis Vuitton, the RAC, Sephora, White Stuff, Dune, Caffè Nero and Prêt A Manger to predict periods of high demand, manage staffing, and let staff swap or log shifts with a simple tap of an app. Telco giant O2 was the first of Rotageek’s major retail customers, won in 2014.
The Mobeus VCTs led Rotageek’s first VCT funding round in 2018 and followed on through multiple rounds, investing a total of £5.75 million. This exit has generated a 1.5x return for the VCTs; £8.6 million in total proceeds. Past performance is not a guide to the future.
Calculus Capital first invested in 2020 alongside the Mobeus VCTs and invested a total of £3 million through its VCT and EIS Funds. The exit generates up to a 1.6x return for Calculus investors.
What has been Rotageek’s growth story? Why did the Mobeus VCTs and Calculus VCT invest? How might you invest in similar companies?
This is an example of a successful investment – there have also been failures, as is to expected when investing in young companies.
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How has VCT backing helped Rotageek grow?
Over the years, VCT funding has enabled Rotageek to continue developing its product, build out its sales and marketing team, launch trials with potential clients, and expand into the global workforce management market, worth over £3 billion in 2020. New contract wins have followed each funding round.
Both Gresham House Ventures (the Mobeus VCTs’ manager) and Calculus Capital have played an active role supporting the business through strategic restructuring, board-level input and improving labour efficiency.
We have supported Rotageek with investment across several funding rounds and have also worked closely with the management team, taking a hands-on approach to help the business navigate key inflection points over the last seven years. This continued support has enabled Rotageek’s impressive growth, putting the business in a position to generate interest from acquirers. The acquisition by ELMO provides an excellent platform for Rotageek’s continued success under new ownership and delivers a strong outcome for our investors in the Mobeus VCTs.
It’s been a real pleasure working with Chris and the Rotageek team over the past five years. The company has gone from strength to strength, with an impressive growth trajectory and exceptional levels of customer satisfaction and retention. I look forward to seeing the company’s continued growth and success following the acquisition by ELMO.
How to invest in similar companies?
Calculus VCT is currently open for investment.
Investors can get exposure to a portfolio of around 37 companies, mainly across the technology, life sciences and media & entertainment sectors (September 2024). Members of the investment team may invest alongside the VCT through a syndicate structure – further aligning their interests with those of investors.
Since 2021 the VCT has recorded 6 profitable exits. That has helped it meet its dividend target of 5% of NAV per annum – dividends are variable and not guaranteed. Over the five years to 31 March 2025, Calculus VCT generated a NAV total return of 2.9%, including dividends. Past performance is not a guide to the future.
See Calculus VCT's performance
NAV and cumulative dividends per share (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2019 – 31/03/2025.
See Mobeus VCTs' performance
NAV and cumulative dividends per share (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2019 - 31/03/2025.
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Alex Davies
Chief Executive
Alex was a board director at Hargreaves Lansdown, where he worked for 15 years. He was responsible for building Hargreaves Lansdown into the biggest direct-to-consumer SIPP provider in the UK with more than 150,000 clients and over £12 billion under management. He is a keen investor with a portfolio of shares, funds, student property, EIS and VCT investments.