© 2019, The Author(s). We construct a new bounded functional calculus for the generators of bounded semigroups on Hilbert spaces and generators of bounded holomorphic semigroups on Banach spaces. The calculus is a natural (and strict) extension of the classical Hille–Phillips functional calculus, and it is compatible with the other well-known functional calculi. It satisfies the standard properties of functional calculi, provides a unified and direct approach to a number of norm-estimates in the literature, and allows improvements of some of them.