The contribution of members of a multinational enterprise to the development of intangibles is typically analysed considering relevant functions: development, enhancement, maintenance, protection and exploitation (DEMPE). In this article, the authors discuss the role of funding within the DEMPE analytical framework. It is concluded that in some cases the role of investment decisions and funding may have more economic relevance than the 2022 OECD Transfer Pricing Guidelines appear to give to funding. The question is raised to what extent the use of the DEMPE framework secures an allocation of intangible-related income that is aligned with the arm’s length principle.