Swedish legal-tech startup Digip raises €3.2M to digitize trademark application process
For businesses, owning and protecting trademarks is often a lengthy and expensive process. Digip helps its customers file trademarks by themselves instead of going to law firms by digitizing much of the process. The Stockholm-based legal-tech startup announced the completion of its €3.2M seed funding round in an attempt to offer affordable and accessible digital intellectual property services. The seed round was led by Industrifonden and Seed X, with participation from family offices and angel investors.
Launched in 2020, the Stockholm-based startup already serves more than 500 clients in 40+ markets globally, from startups to multi-million-dollar companies. The firm aims to help entrepreneurs protect their brands for a fraction of the cost charged by law firms.
Co-founder and CEO Viktor Johansson commented, “A company typically spends a 4-figure amount for a trademark search, and waits weeks for results. We have already transformed this experience for users who are reporting average savings of 80% of trademark management fees and cutting a substantial amount of their workload by using the platform and services.”
“2023 will be an exciting year for us. We are launching some cool features on our platform in the coming months. This includes an open API where partners can integrate and leverage the Digip technology as part of their workflows and processes, we are also looking to launch our business into some new markets starting next year. Users can also expect to see a significantly improved trademark search on digip.com. This will be super important to us as staying close to our users will help to provide a superior customer experience every day.”
Commenting on the successful closing of the seed round, Tore Tolke, Senior Investment Director at Industrifonden said: “The legal industry has been slow to embrace technology, leaving traditional players behind. But Digip is demonstrating amazing potential and the demand for their services is growing. Their innovative business model is proving that they can deliver results and revolutionise the trademark and IP industry. We are proud to stand behind the team that is aiming to push the industry forward with cutting-edge technology and customer satisfaction. The future looks bright for Digip!”.
To file trademarks, businesses usually ask a lawyer to conduct trademark searches, who usually bills per search. Then there is the cost to file trademark applications. Businesses also have to monitor their trademarks in markets where they own them, and that is another charge. Digip combines all these steps into one online workflow. Instead of charging for different parts of the process, its customers pay a flat monthly or yearly subscription fee, plus application fees charged by trademark offices. Moreover, trademark research and on-demand advice from its team is available for free.