Mighty, a B2B software platform to support the legal and medical funding process, has secured $114m in funding.
The investment was split between $9m equity led by IA Ventures and Tribeca Venture Partners, and a $105m debt facility from unnamed institutional investors, according to a report by Business Insider UK.
New York-headquartered Mighty is a core system software developer that helps businesses advance funds to plaintiffs and doctors. The technology can help with the entire workflow, agreements and payoffs, reporting and analytics, and case serving, among others. The platform helps businesses to fund more cases and quicker through automated messaging and workflow.
Mighty provides tailored capital and cash flow to customers using the platform, through its Mighty Capital solution which purchases a percentage of existing and new liens. The capital is given upfront and can be used to pay operating expenses, manage risk, or invest in originations, acquisitions or expansions.
The company also offers a financing service which is a selection of loan facilities to support funding new originations.
The capital injection will be used to support more financing on the platform, as well as expanding Mighty’s team
Mighty co-founder and CEO Joshua Schwadron said, “One sign of maturity of a market is when service providers come in and start serving the companies in that industry. Mighty is the first to do that in the personal injury financing space, which will have positive effects on the originators we serve, plaintiffs, and the justice system overall.”
Mighty previously raised a $5.25m investment for a P2P marketplace, but shut down 18 months ago, so it could focus on its software platform, according to the company.
Last year, Tribeca Venture Partners took part in the $18m Series A investment round in to Quantum Circuits. The company develops, manufactures and sells practical quantum computers that support a range of industries including FinTech, and BioTech
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