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Litigation Finance Firm Invests €25 million into Spanish Legal Tech Business

A Manchester firm has signed a groundbreaking €25 million deal to support a pioneering Spanish legal tech company, renowned for its expertise in handling claims related to cartel price fixing.

In a bid to increase access to justice across Europe, IQuote Limited will provide financial backing to Málaga based Cartel.es as it looks to expand across the continent. The Spanish company, which is the trading name of LegalTech Ventures S.L, was founded to tackle the vehicle cartel price-fixing scandal, which implicated 23 vehicle manufacturers from 2006 – 2013.
For two decades, Spain has seen a rise in these cartels involving companies in the same sector covertly fixing prices, sharing territories and customers, and exchanging sensitive commercial data.
The scandal, brought to light by the National Markets and Competition Commission (CNMC) in 2015, is thought to impact about 9.7 million consumers in Spain. This latest agreement to supply a funding facility of up to €25 million, is aimed to support Cartel.es in its expansion across Europe.
Craig Cornick, IQuote’s CEO and founder, said the investment is a strategic move to help more people across Spain obtain the justice they deserve. “Cartel.es is doing a very important job for the people affected by these corporate cartels and we couldn’t be prouder to be supporting the firm’s mission. The investment will not only provide financial backing to the company but also make justice a tangible reality for those in Spain and beyond.”
Cartel.es has made significant investments in proprietary technology allowing it to assess and quantify each claimant before court proceedings, facilitating faster resolutions. Co-founder and Chief Investment Officer, Adam Peake, said: “We are very proud of the work that we do.  These types of claims are not easy to approach so we are very excited to be partnering with IQuote, which has such a track record when it comes to complex legal matters.
“We’ve seen tremendous success so far and we’re looking forward to IQuote’s support and expertise in making lasting contributions to the European legal landscape, bringing justice closer to more people.”
Founded in 2016, IQuote Limited, specialises in legal asset and opex capital loans, with a primary focus on legal asset investing. The firm is constantly pushing for inventive solutions and investment opportunities to firms in the legal, technology and customer service sectors.
Mr Cornick added: “It is very important for us to champion businesses that put in great effort to help people access justice, it’s the core of what we do. With this investment and future expansion into Europe we are committed to bridging the gap between individuals and their right to legal resource. We’re hoping to keep growing the company and continue our mission to break down barriers to justice across the globe.”

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Announcements Consumer

Golden Pear Upsizes Corporate Note to $78.7M Amid Growth Plans

By John Freund |

Golden Pear Funding has extended and upsized its investment-grade corporate note to $78.7 million, further bolstering the firm's capacity to serve the expanding litigation finance sector. The New York-based funder, a national leader in both pre-settlement and medical receivables financing, said the proceeds will support working capital and fuel strategic growth initiatives.

A press release from Golden Pear outlines how the capital raise reflects continued investor confidence in the firm’s business model. CEO Gary Amos noted that the infusion is critical as Golden Pear seeks to scale alongside the “rapidly expanding litigation finance market.” CFO Daniel Amsellem added that the new funding aligns with the company’s capital allocation strategy, aimed at optimizing operational efficiency and executing strategic projects.

Brean Capital, LLC acted as the exclusive financial advisor and sole placement agent on the transaction.

Founded in 2008, Golden Pear has funded more than $1.1 billion to over 87,000 clients and remains one of the largest specialty finance companies in the U.S. Its business model spans legal case funding and medical receivables purchasing, with backing from a network of private equity partners that provide institutional support for continued expansion.

Announcements Regulatory Issues

LionFish Updates Model Documents in Response to CJC Report

By John Freund |

LionFish Litigation Finance Ltd has released a new suite of model litigation funding documents, updating its original set from February 2021. The revision comes on the heels of the Civil Justice Council's (CJC) Final Report on Litigation Funding, issued on 2 June 2025, which calls for a regulatory structure informed by best practices, including key principles published by the European Law Institute (ELI) in October 2024.

A LionFish press release details that the updated suite incorporates several of the ELI Principles (notably 4-12) and broader CJC recommendations, except where doing so would require legislative or procedural reform. LionFish's goal, according to Managing Director Tets Ishikawa, is not to dictate market norms but to foster industry-wide standardisation and efficiency. This proactive move is also intended to spark further collaboration between funders, insurers, and legal practitioners to develop trade practices akin to those in mature financial markets, such as those promoted by the Loan Market Association and the International Swaps and Derivatives Association.

The new suite includes three core documents: a litigation funding agreement, a priorities deed to define proceeds distribution, and an assignment deed for insurance benefits. Notably, LionFish has also added documentation for co-investment arrangements, reflecting a growing trend in syndicated funding deals. The funder has already closed seven such transactions.

Managing Director Tanya Lansky emphasised that while litigation funding remains complex, making documentation public enhances transparency and facilitates quicker deal closings—an essential factor for sustaining market growth.

As litigation finance continues to mature, this move by LionFish highlights a shift toward professionalisation and standardisation. With regulators increasingly focused on transparency and fairness, such initiatives may set a de facto benchmark for others in the industry. The question remains: will other funders follow suit, or will regulatory mandates be needed to compel alignment?

Announcements Commercial Legal Innovation

Backlit Capital Solutions Launches Legal Finance Consultancy

By John Freund |

Backlit Capital Solutions has announced the launch of its full-service legal finance consultancy. The firm aims to provide comprehensive funding solutions for legal claims, offering services that include litigation finance, arbitration funding, and judgment enforcement strategies.

An article in PR Newswire states that Backlit Capital Solutions is positioning itself as a comprehensive provider in the legal finance sector, aiming to serve a diverse clientele that includes claimants, law firms, lenders, and investors. The firm's service offerings encompass litigation finance, arbitration funding, and judgment enforcement strategies, indicating a broad approach to legal funding solutions.

The launch of Backlit Capital Solutions reflects a growing trend in the legal finance industry, where firms are expanding their services to address the multifaceted needs of legal claimants and their representatives. By offering a suite of services under one roof, Backlit Capital Solutions aims to streamline the funding process and provide tailored solutions to its clients.

As the legal finance landscape continues to evolve, the entry of firms like Backlit Capital Solutions underscores the increasing demand for specialized financial services in the legal sector. Their comprehensive approach may set a new standard for how legal finance consultancies operate, potentially influencing the strategies of existing and emerging players in the market.