Second profitable exit for Calculus VCT this year: employee recognition platform Mo
Calculus VCT has announced its profitable exit of award-winning employee engagement and recognition platform Mo (Thanksbox Limited). The company was acquired by US HR technology giant UKG, which serves more than 80,000 organisations worldwide, including over two-thirds of the Fortune 500.
Mo’s proprietary software-as-a-service (SaaS) platform helps organisations strengthen workplace culture, reduce staff turnover and boost engagement. Its core product Moments is an internal social media app, like a “Facebook for employees”, that encourages recognising achievements and connecting teams.
Over the course of the VCT’s investment, Mo built an impressive roster of enterprise clients, including the likes of Ocado, utility SGN, and Crowne Plaza hotels.
Fund manager Calculus Capital first invested into Mo in 2020, and the exit has delivered a return of up to 1.8x across its EIS and VCT funds. For Calculus VCT the exit has generated over £1.53 million in cash, a 1.4x return on investment cost, supporting the annual dividend target.
This follows the VCT’s profitable exit of AI-powered staff scheduling platform Rotageek in June this year (read our article on the Rotageek exit).
How is Mo helping to address a multitrillion-dollar enterprise problem? Why did Calculus Capital invest? How could you invest in similar companies through Calculus VCT? Read on to find out more.
Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. VCT investments are high risk and you could lose the money you invest. Quotes in the article represent the views of those quoted and not necessarily those of Wealth Club.
This is a huge moment for our team and the next step in Mo’s mission to help companies build thriving, people-first cultures. We’re thankful to Calculus for their belief, guidance, and investment, which enabled us to scale and demonstrate the value of engagement technology at enterprise level. Together we’ve built something that will continue to make an impact as part of UKG.
How is Mo helping address a multi-trillion-dollar enterprise problem?
Fully engaged employees could contribute a total of $9.6 trillion to the economy – that’s nearly 9% of global GDP. However, this year’s Gallup State of the Workplace report finds only 21% of employees feel engaged at work but the right tools can turn the tide.
Mo’s employee engagement software aims to effect such change. It provides companies with the tools to create a culture where people feel highly valued and included, whether they work on-site or remotely. Mo estimates businesses that actively engage their employees can achieve a 23% increase in profitability, 18% less staff turnover and less absenteeism.
Mo’s core product, the Moments social app for employees, promotes peer-to-peer recognition and nudges managers to engage consistently. The platform meanwhile offers live insight into how well the team engagement is going. It also provides the means to distribute rewards, nominate for awards, and collect and vote on ideas to improve the company.
Mo integrates with an enterprise’s existing tech stack – e.g. Microsoft Teams, SharePoint, Slack or HRIS – so businesses can embed engagement into their people’s everyday tools.
The company was founded in 2015 by CEO Luke Fisher and CTO Merlin Mason.
Why did Calculus VCT invest?
Calculus Capital is a long-standing EIS and VCT investor, managing c.£170 million across its funds (June 2025).
Although sector-agnostic, Calculus favours investments in technology, life sciences and entertainment, as it believes these are the UK's fastest-growing sectors.
Calculus VCT co-invests alongside the EIS Fund: backing private companies seeking development or scale-up capital. They should have demonstrable traction, strong management teams and secure intellectual property.
Enterprise technology company Mo ticked all these boxes. When Calculus invested in September 2020, it deemed Mo had built a differentiated product and a standout brand in an aged market of employee reward and recognition. Mo was already used in more than 45 countries by well-known enterprises including the O2 and William Hill. Timing was another factor. In the midst of a pandemic lockdown requiring most people to work from home, Calculus saw the value of Mo’s product helping businesses keep employees engaged and motivated.
Calculus’ investment enabled Mo to grow the business and become an attractive target for acquisition.
The UKG acquisition is a testament to the dedication and commitment of the Luke and the Mo team, the strength of their product, and the value created for employers and employees. It has been a pleasure working with Luke and the Mo team over the years. We are excited to see the next chapter of growth under UKG. This acquisitions further reinforces our commitment to backing ambitions SaaS business that look to transform the workplace.
How might you invest in similar companies?
Calculus VCT is currently open for investment.
Investors can get exposure to a portfolio of around 38 companies, mainly across the technology, life sciences and entertainment sectors (March 2025). Members of the investment team may invest alongside the VCT through a syndicate structure – further aligning their interests with those of investors.
Over the five years to 30 September 2025, the VCT generated a NAV total return of 12.5%. This included cumulative dividends equivalent to 20.1% of starting NAV. Past performance is not a guide to the future, dividends are variable and not guaranteed.
See performance of Calculus VCT
NAV and cumulative dividends per share over five years (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 – 30/09/2025.
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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.