Litigation funder Augusta Ventures has raised £150M to add to its litigation war-chest. It is understood that the cash has come from a single blue chip investor.
Augusta was established in 2014 and has so far committed £98m in funding to 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 stated that the latest round of funding would allow Augusta to finance larger 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 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.