Denmark’s IP SaaS scale-up PatentRenewal.com has raised €2 million to continue its journey in the IP industry westward.
Investment comes from Finland's Vendep Capital.
"We are thrilled to invest in PatentRenewal.com, where the founders' entrepreneurial background and the support of a strong network of industry experts create a strong foundation for success. Their disruptive approach to revolutionising a stagnant industry is bold and refreshing, and we are excited to be a part of this innovative journey," says Jupe Arala, General Partner at Vendep Capital.
PatentRenewal's platform does exactly what it suggests, it allows users to renew patents, follow their progress, see cost breakdowns and forecasts.
Founded in 2017 in Copenhagen by Mads Viborg Jørgensen (CEO) and Jesper Juel Jensen (CCO) the firm has doubled in size over the past year - now settled in the Nordics market it plans on putting its stamp on other Western markets.
“We have seen our IP owner friends struggle with their patent renewals for years, and this made us realise that the whole IP industry is very old-fashioned, ironically lacking innovation, with no digitalisation 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.