Mighty, the leading provider of software for legal and medical funding companies, has raised $9M in equity funding co-led by existing investors IA Ventures and Tribeca Venture Partners to help it grow faster after its pivot. Interestingly, they’ve also raised $100M in credit from institutional capital providers that’s being used to create a vehicle to essentially fund their users – who in turn will pass on capital to plaintiffs.
Essentially the startup has created a CRM-like tool that legal funders can use to manage all aspects of their lawsuits – this includes things like keeping track of case status, payouts to date and lifetime returns.
Mighty even has built-in communication tools so funders can text plaintiffs or fax documents to doctor’s offices all from one dashboard.
It’s a big step up from the existing solution, which usually is either a physical “file” of paperwork or a messy and slow excel spreadsheet. And while funders could have used existing CRM tools it’s a huge benefit to have a custom industry-tailored solution just for the legal funding industry.
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