Litigation funder Augusta has raised £150m from a single investor to add to its litigation warchest, it revealed today.
It is understood that the cash has come from a blue chip investor.
Augusta set up in 2014 and has so far committed £98m in funding for 162 cases. Until now, it has mainly targeted small to medium sized cases, primarily with damages starting at between £500,000 to £1 million.
Managing director Robert Hanna told the Gazette that the latest investment would boost the funder’s ability to also finance large claims. ‘We are climbling up the ladder [in terms of case value], but we are still sticking to our roots,’ he said. ‘We are still happy to fund small and medium sized cases because there is still such a demand for this.’
Following the £150m cash injection the funder will be moving to new London premises in September, and plans to double the number of staff in the capital, currently at 37, in the next 12 months. It will also be significantly expanding its Sydney office, where there are 11 staff at present.
Augusta funds commercial litigation and arbitration both on an individual basis and on a portfolio basis in partnership with law firms.
Augusta is the third funder to announce a new fundraise this year, with Harbour Litigation Funding having raised £350m in May, and Therium having completed a first close of a new £300m fund in February.