Letter from the CEO: We are proud to announce our €2M Seed funding
- PatentRenewal.com closed a Seed round of 2 million euros led by Vendep Capital.
- Founded in 2017, the company had reached more than 1,200 patent owners in over 40 countries by the time of the round.
- Customers have saved 110 million euros in total, including 9 million euros in 2022 alone, a year in which the company grew 230% and broke even before taking investment.
- The funding goes into business development and sales hiring to enter new Western markets.
- The platform lets owners renew in a few clicks, follow the process in real time, see every associated cost category, forecast costs, and keep documents in one place.
At PatentRenewal.com, we are very proud of what we have already accomplished and excited to continue building and scaling our SaaS IP renewal solution. That’s why I’m honored to announce that we have recently completed our Seed round with a €2 million investment led by Vendep Capital.
Making patent renewals as easy as possible
The idea of founding the company came when we saw our IP owner friends struggle with their patent renewals for years. This made us realize that the IP industry is old-fashioned, and ironically lacking innovation and digitalization. Not to mention that most inventors, SMEs, and enterprises with patents still use law firms to this day to complete this simple transactional process.
Shockingly, we have witnessed a lack of transparency in what is communicated to the IP owners, including patent-associated costs. Our mission is simple: 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.
To offer a fully automated process, we have developed an easy-to-use digital platform where patent owners can renew their patents within a few clicks. They can also follow their renewals process in real-time, see all relevant cost categories associated with their renewals, forecast their costs, keep track of their documents in one place, and all this, for a fraction of the usual market price.
Even with the funding, we are just getting started
When we founded the company in 2017, we couldn’t have imagined that our team would achieve such great success in only five years. We have gained 1200+ patent owners from 40+ countries, which resulted in €110,000,000 lifetime savings for these innovators. Only in 2022, we generated €9M in savings for our customers, grew by 230%, and broke even before the investment round.
As we are growing incredibly fast, with the Seed funding in 2023 we are planning to expand our business development and sales team to enter new Western markets, adding new hires to the team in key positions with the goal of becoming the Nr. 1 renewal service provider internationally.
Additionally, this is also great news for our customers. As we grow and mature our platform, we’ll have more resources to keep upgrading our solution and service offerings.
So, to everyone on the journey with us –our incredible team, our board of advisors, and our customers– thank you! This has been an incredible ride so far, and there is a lot more to come beyond the funding round.
Enter the new era of patent renewals
If you want to upgrade your current IP renewal setup to a more advanced one and save on your costs at the same, request a free price comparison or get in touch with us today.
Mads Viborg Jørgensen
CEO and co-founder
PatentRenewal.com
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