Law firm to double headcount following funding deal

Panoramix, the Lincoln-based intellectual property (IP) law firm, has secured a £250,000 follow on debt funding package through the Midlands Engine Investment Fund II via appointed fund manager for East and South East Midlands, Maven Capital Partners.

The deal follows Maven’s support through the first Midlands Engine Investment Fund in 2022, when a £250,000 funding package which helped Panoramix to establish its presence in the East Midlands, expand its client base nationally, build its team and secure a permanent base in Lincoln.

Founded in 2019 by IP law specialist Kevin Hanson, Panoramix offers a flexible, attorney-led service without the billable hours model commonly used across the industry. Instead, the business offers fixed fees based on task complexity and value.

It is also one of the few UK-based IP firms authorised to conduct US trademark work, holding direct practice rights with the US Patent and Trademark Office.

The loan from Midlands Engine Investment Fund II will help Panoramix roll out a marketing strategy aimed at expanding its client base, particularly in the US market, where it says it has already seen strong demand.

The funding will also enable the company to recruit additional staff, including a client relationship manager, an administrative support role, and a part-qualified patent attorney to support its growing operations.

Hanson said: “The support from Maven and the Midlands Engine Investment Fund I in 2022 was critical in enabling us to establish our business in the East Midlands and grow our client base nationally.

“With further funding through Midlands Engine Investment Fund II, we intend to double our headcount and turnover within the next 24 months. This will involve development of new service offerings and expansion into new international markets. The future is looking very bright as we continue to revolutionise the IP legal services industry.”

Richard Altoft, investment director at Maven, said: “Panoramix has shown impressive growth through its innovative service model, establishing itself as a trusted provider of intellectual property services, and is now well-positioned to capitalise on sector opportunities. Our initial support through Midlands Engine Investment Fund I enabled the firm to expand its capabilities and build strong foundations for future growth. We are pleased to provide additional support with debt finance from Midlands Engine Investment Fund II to enable the business to continue to grow its team and expand to new markets.

David Tindall, senior manager at British Business Bank, said: “This new round of funding from the Midlands Engine Investment Fund II follows investment from the first Midlands Engine Investment Fund, and we are pleased to see Panoramix continuing to thrive. This funding will support the company in creating new roles and exploring expansion opportunities overseas.”