Los Angeles-based Brainbase, a startup that helps brands manage and monetize their intellectual property, announced Wednesday it closed on an $8 million Series A funding round led by Bessemer Venture Partners and Nosara Capital. This, plus the $3 million seed it scored last year, brings the company’s total capital raised to $12 million.
Brainbase was co-founded by Nate Cavanaugh, who became interested in intellectual property and patenting when he and two friends sold their esports business as college students. Soon after, he dropped out of Indiana University and moved to California to start Brainbase as a means of bringing more transparency to the patenting industry.
Now, the company provides both an IP marketplace for buyers and sellers and a management tool to help companies manage their licensing, partnership and sponsorship agreements all in one space.
“We need to stay focused on building the best platform for brands that own and license their IP,” Cavanaugh said in a statement. “With a strong bench of investors and advisors who believe in our vision to make the intellectual property industry more open, efficient and accessible, we are prepared for our next stage of growth.”
This financing round comes on the heels of Brainbase adding brands like BuzzFeed, Bonnier and model-turned-entrepreneur Kathy Ireland to its current list of customers, which also includes the Hello Kitty-owning Sanrio and SYBO Games.
Cavanaugh says this $8 million will be used to nearly double the size of the company by the end of the year, filling roles in its sales, product and engineering departments in the United States and Europe. Brainbase will also use the money to build a payments feature to help licensors get their money from licensees more quickly, as well as continue growing its marketplace product to connect celebrities, athletes and social media influencers with emerging brands.
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