AxiaFunder makes two senior hires after losses narrow
AxiaFunder has hired two new senior case assessors, after narrowing its losses in 2021.
Anthony Berry, a specialist in portfolio funding, and Noor Kadhim, a senior commercial arbitration lawyer, have both joined the litigation finance crowdfunding platform. Both Berry and Kadhim will work alongside Michael Lent, AxiaFunder’s head of case assessment.
The new hires come after it was revealed that the platform narrowed its losses during the 12 months to 31 December 2021.
According to financial records posted on Companies House, AxiaFunder made a loss of £337,186 last year, down from a loss of £384,786 in the year to 31 December 2020.
Read more: AxiaFunder eyes profitability in 2022 after losses widened last year
Cormac Leech (pictured), founder and chief executive of AxiaFunder, said that the platform continues to perform well with an average internal rate of return (IRR) for investors of 48 per cent on the six claims which have been resolved positively to date.
“The remainder of the ongoing claims continue to, in general, make good progress with a number likely to mediate in the near future,” added Leech.
“To date, no claims have been lost. Over time we expect investor returns to be in the range 20 to 30 per cent, per annum. Of course the AxiaFunder product is relatively complex and risky with capital at risk and returns are never guaranteed.”
Read more: AxiaFunder closes its first limited partnership case
Leech said that during the fourth quarter of 2021 and earlier this year, AxiaFunder raised more than £750,000 of working capital.
He has predicted that the company will become profitable later this year.
“We are currently working on a number of interesting single and group claimant commercial litigation opportunities which we expect to launch in the coming months alongside the portfolio funding opportunities,” Leech added.
“We are targeting reaching profitability in the fourth quarter of this year as the platform monthly volumes increase at which point we expect to further expand the team.”
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