PatentRenewal, the Copenhagen-based provider of automated patent renewal platform, has raised €2 million from Finnish early-stage SaaS Investor Vendep Capital. The company plans to double its company size and to expand the business development.
- PatentRenewal was founded by Mads Viborg Jorgensen and Jesper Juel Jensen in 2017. Its easy-to-use digital platform enables patent owners to renew their patents, 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.
- The investor is the Espoo-based Vendep Capital, a B2B SaaS specialist VC operating in Nordics and Baltics. It backs early-stage software entrepreneurs. In 2022 AIN.Capital recognized it as one of the most active Finnish VC funds.
“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 revolutionizing 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, and new member of the board at PatentRenewal
- Since the launch of PatentRenewal, the company has gained over 1100 patent owners from over 40 countries, which resulted in €110,000,000 savings. Only in 2022, the company generated €9 million in savings for their customers, grew by 230%, and broke even before the investment round.
- PatentRenewal plans to double its company size in a year, to expand their business development and sales team to enter new Western markets, adding new hires to the team in key positions.
