A new legal-funding site launched this month with the goal of connecting plaintiffs in civil litigation with investors who compete to advance them a small portion of any future settlement or award.
Called Mighty, the company formally announced the launch of its online funding marketplace on Sept. 16, after having recently raised $5.25 million in Series A funds.
The purpose is to help plaintiffs bridge the gap between the time they file a lawsuit and they time they reach a resolution by providing funding to help them meet medical and living expenses. Once a plaintiff applies for financing, investors submit competing offers and the plaintiff chooses the one that seems best. (The plaintiffs’ attorney must also sign off on the loan.)
