Continuing our growth: Announcing our €1M new funding with EIFO

When PatentRenewal.com was founded in 2017, we never imagined that in 6 years we will be at a stage where we are now. After raising €2M in Seed funding from Vendep Capital in February 2023, our company started scaling up at the fastest speed possible. To continue our rapid growth, we are happy to finally publicly announce that back in June 2023, The Export and Investment Fund of Denmark (EIFO) has decided to support our journey with €1M funding.

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Redefining IP management for IP owners
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In the IP management industry, we’ve seen the lack of transparency and digitalization when it comes to pricing and processes, which places a significant burden on patent owners and IP managers.

Our Founders Mads Viborg Jørgensen and Jesper Ohrt Juel Jensen recognized the need for an easy-to-use digital tool and together with our team developed the PatentRenewal.com platform for both IP owners and law firms. 

Our software is designed to democratize access to IP management, offering a streamlined, transparent, and cost-effective solution that eliminates unnecessary middlemen and administrative work. 

Today, we proudly help over 1500 IP owners and IP law firms in renewing their patents, designs, and utility models and soon trademarks at a fraction of the usual market price.

Since our Seed round in 2023, we strengthened our position on the market, focusing on reaching new customers in new markets (including the US and new European markets) with both inbound and outbound efforts, expanded our team by over 180% and moved to our brand new large office space that fits our team in the heart of Copenhagen. 

The initial Seed funding also allowed us to dedicate even more resources to perfecting our IP management platform and offer an even more advantageous solution for our customers.

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EIFO’s strategic investment in innovation

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The Export and Investment Fund of Denmark, EIFO, is the Danish Promotional Bank and Export Credit Agency. Established by the Danish government, this fund plays a crucial role in promoting the global competitiveness of Danish enterprises. They do so by supporting more Danish companies to venture into new markets and enhance their global presence.

PatentRenewal.com received a €1M funding from EIFO back in June 2023, on the basis of the successful expansion and swift growth of our business shortly after the €2M Seed funding by Vendep Capital in February 2023.

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Growth goals with the funding

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This additional €1M enables us to continue this growth and focus on expanding our IP management services globally to new markets as well. To do so, we are deploying more resources into our inbound efforts, which we have seen being a great success in the past year. 

Last but not least, we are focusing on making our internal processes even more effective, optimize transactions and fees wherever we can and keep upgrading and improving our software tool for our customers. 

The overarching goal is to make PatenRenewal.com more accessible and visible to a wider audience of customers (both IP owners and IP law firms) to increase our share in the global market for IP management services.

If you want to join our IP management revolution journey and try our innovative yet cost-efficient platform, request a free price comparison or get in touch with us today.