PatentRenewal.com, a Copenhagen, Denmark-based SaaS scale-up that provides an automated patent renewal platform, raised €2 million in seed funding.
The investment was from Finnish early-stage SaaS investor Vendep Capital. With the help of the investment, PatentRenewal.com aims to continue its journey of expanding in the IP industry.
“We have seen our IP owner friends struggle with their patent renewals for years, and this made us realize that the whole IP industry is very old-fashioned, ironically lacking innovation, with no digitalization regarding the processes. We want to liberate these innovators and companies by offering them a transparent, easy, and reliable alternative for a very affordable price. Who wouldn’t want to upgrade their current renewal setup, especially if they can cut costs at the same time?” says Mads Viborg Jørgensen, CEO and co-founder of PatentRenewal.com.
PatentRenewal.com doubled its size in just a year, and in 2023 they plan to expand its business development and sales team to enter new Western markets, adding new hires to the team in key positions to become the No. 1 renewal service provider internationally.
The company’s mission is to provide the highest level of transparency and cut out all unnecessary costs to make the renewal process as easy and cost-effective as possible.
Company: Patentrenewal.com ApS
Round: Seed Round
Funding Month: March 2023
Lead Investors: Vendep Capital
Company Website: https://www.patentrenewal.com/
Software Category: Automated Patent Renewal Platform
About the Company: Founded in 2017 by Mads Viborg Jørgensen and Jesper Juel Jensen, PatentRenewal.com has developed an easy-to-use digital platform where patent owners can renew their patents within a few clicks, follow their renewals process in real-time, see every different cost categories associated with their renewals, can do forecasts, and keep track of their documents in one place, all this, for a fraction of the usual market price. PatentRenewal.com replaces your existing renewal setup with fintech technology and further simplicity at an affordable price. The company’s goal is to help firms reduce risk and uncertainty by eliminating middlemen and unnecessary headaches.