On the back of a successful first year, and recent £60m boost to its funding capital, Augusta Ventures has hired two new members to its expanding London team. Litigation lawyer Philip Lomax from Elborne Mitchell and economist Karolina Ilieva join the Augusta team.
Augusta is taking on new cases every week and, by the end of 2015, intends to fund a minimum of 20 cases a month – more than all other funders put together.
Philip Lomax joins as a litigation analyst in the due diligence team. Philip’s focus will be on reviewing and recommending cases for funding and preparing those cases for legal representation. Before joining Augusta, Philip worked at city firm Elborne Mitchell where he was a member of the shipping and commercial litigation departments, dealing with a broad range of commercial disputes in both arbitration and the High Court.
Karolina Ilieva is a business economist and joins Augusta as a financial analyst with responsibility for the oversight of the whole Augusta portfolio.Her focus will be on risk analysis and financial modelling for each case. Prior to joining Augusta, Karolina worked at Delta Executive Search, where she was responsible for market research for EMEA Investment Banking & Equity and building a solid analysis of the key players in financial services.
Augusta Ventures is a new breed of litigation funder dedicated to making funding accessible for SMEs and easier to use for law firms. In its first year, it committed £8m to 36 cases and established partnerships with over 40 law firms. It now has over £50 million available in working capital to fund new cases. While other funders focus on a handful of multi-million pound investments in big cases, Augusta invests between £10,000 and £600,000 in a broad range of commercial litigation matters.
Managing director Louis Young says: “With both lawyers and claimants alike realising the benefits of working with an active and transparent funder, it’s crucial we continue to attract the brightest and best legal and financial talent into our business. The arrival of Philip and Karolina gives us the additional expertise where it is required as our portfolio grows.”