AxiaFunder widens losses but gains momentum
Litigation investment platform AxiaFunder widened its operating losses in 2019, but the platform’s chief executive said that momentum is growing.
According to new Companies House filings, in the 12 months ending 31 December 2019, the platform (which is listed under its trading name of Champerty Limited) made a loss of £227,917, with revenue of £65,945. By contrast, in the 12 months ending 31 December 2018, losses amounted to £143,039.
However, AxiaFunder’s chief executive Cormac Leech told Peer2Peer Finance News that “85 per cent of the revenue was in the fourth quarter 2019, so the business is showing good growth momentum.”
Leech added that the platform has seen a 150 per cent increase in registered investors in the 12 months between April 2019 and April 2020, including an increase in non-UK investors.
The platform now intends to expand its team and “significantly” grow its revenue in 2020.
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“The 2019 results are old news,” said Leech. “Since then we have raised working capital of over £250,000 and are now focused on executing our deal pipeline.
“We have recently added two team members and are about to add a further senior case assessor which will enable us to increase volumes. We have started to work with a number of financial institutions which will also be helpful in scaling the business.”
AxiaFunder was founded in 2018 and the platform went live in early 2019. To date, it has funded six litigation cases, two of which have been successfully resolved, generating a 43 per cent and 94 per cent return to investors in eight months and 15 months, respectively.
Earlier this year, the platform launched a crowdfunding campaign to raise £200,000 to help fund its expansion plans, ultimately exceeding its target.