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

By John Freund |
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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NORTHWALL CAPITAL RAISES MORE THAN €640M FOR EUROPEAN OPPORTUNITIES STRATEGY

By Harry Moran |

NorthWall Capital (“NorthWall”), a leading credit investment firm delivering private capital solutions to counterparties in Western Europe, today announces the final close of its flagship NorthWall European Opportunities Fund II and associated vehicles (“NWEOF II” or “the Fund”), attracting more than €640m in investor commitments.

The Fund and associated vehicles surpassed the €500m target, receiving strong support from new and existing global institutional investors and more than doubling the size of its predecessor, NorthWall European Opportunities Fund I (“NWEOF I”).

NorthWall’s European Opportunities strategy, established at the firm’s inception in 2017, invests across the broad opportunity set in European opportunistic private credit by delivering scalable private capital solutions to counterparties in Western Europe. NorthWall’s systematic sourcing approach, coupled with a focus on creating bespoke funding solutions, enables the firm to structure opportunities that deliver strong downside protection while targeting uncorrelated returns. The strategy also makes tactical allocations to areas of dislocation and has successfully participated in the dislocation in asset-backed opportunities. 

Prior to the final closing, NWEOF II was already substantially deployed, having committed c. 60% of its capital to 14 transactions across five countries in Western Europe.

The Fund attracted capital commitments from a global base of institutional investors, consisting of pension funds, insurance companies, large institutional single and multi-family offices and private banks from across Europe, North America and APAC. The Fund received strong support from a large US-based consultant and an Australian superannuation fund.

The firm’s principals have been investing in European private credit for nearly 20 years, and the NorthWall team has deployed over €1.0bn in the European Opportunistic Credit strategy to date. In addition to the flagship funds, the firm has extensive expertise in legal assets, asset-backed and senior lending opportunities. 

Fabian Chrobog, Founder & Chief Investment Officer of NorthWall Capital, said: “We are honoured by the success of the fundraise for NWEOF II and would like to thank our existing and new investors globally for their partnership. We remain committed to delivering scalable investment opportunities that generate attractive risk-adjusted returns for our investors while also serving as a reliable partner to our counterparties. We continue to observe one of the most compelling opportunity sets in European credit in recent history and will continue to thoughtfully scale NorthWall in a way that allows us to lean into areas of dislocation. I also wanted to congratulate and thank the NorthWall team that has been working tirelessly to deliver the best outcomes for our stakeholders.”

About NorthWall Capital

NorthWall Capital is a London-based credit investment firm, delivering private capital solutions to counterparties in Western Europe. The firm manages €1.5bn of AUM in long dated funds on behalf of global institutional investors, seeking to capture compelling risk-adjusted returns from Western European credit markets.

For more information, please visit www.northwallcap.com.

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Alexi Secures $11 Million USD Series A Funding to Accelerate AI-Powered Legal Technology Innovations

By Harry Moran |

Alexi (www.alexi.com), a Canadian legaltech company and leader in generative AI for legal research and litigation tasks, today announced an $11 million USD ($15 million CAD) Series A fundraise. The round is led by Drive Capital, with participation from existing investors including Draper Associates, and brings Alexi's total funding to over $20 million. In addition to the raise, Chris Olsen, Partner at Drive Capital, will join the company's Board of Directors.

This fresh instalment of capital comes less than a year after Alexi's release of their Instant Memos, Arguments and Chat capabilities. The funding will immediately support hiring across engineering, product development, brand and design, legal, and business development teams to help Alexi continue to innovate and scale its technology. It will also enable Alexi to meet increasing demand from law firms to incorporate an array of AI-powered litigation tools into their businesses and accelerate upcoming releases across North America and other jurisdictions.

"We evaluate over 6,000 companies a year, most of which position themselves as an 'AI company.' Alexi is one of the very few examples, however, of using AI to solve a business problem," said Chris Olsen, Co-Founder and Partner at Drive Capital. "Lawyers who use Alexi run more successful law practices. It is only a matter of time until attorneys all over the world are using Alexi to be better lawyers."

Alexi is a pioneer in generative AI for litigation teams. Their platform enables legal professionals to generate high-quality legal memos, identify pertinent legal issues or arguments to achieve desired outcomes and perform AI-powered routine litigation tasks-all within a single platform. The company's ultimate mission is to empower legal teams with artificial intelligence, breaking down barriers to knowledge and enabling justice for all.

"The rate of innovation happening at Alexi is truly astounding. Instead of trying to predict the future, we're building it," said Mark Doble, CEO of Alexi. "This capital further enables us to build incredible value into our products and empower our customers to better serve their clients."

Alexi is experiencing impressive growth, with recent user activity increasing by 15-20% each month. Currently, thousands of litigators across the U.S. and Canada rely on Alexi.

About Alexi

Founded by Mark Doble and Sam Bhasin, Alexi's proprietary AI-powered platform equips litigators with core legal skills. Designed to streamline the legal research process and assist with routine litigation tasks, Alexi saves time and enhances productivity for law firms. Committed to innovation and excellence, Alexi continues to lead the way in transforming access to legal knowledge. For more information, visit https://www.alexi.com or follow Alexi on LinkedIn.

About Drive Capital

Drive Capital is the most established venture capital firm at the intersection of industry and modern technology. Drive unlocks returns for limited partners by investing in market-defining companies anywhere in North America. Over the last decade, Drive grew to manage more than $2B in total assets. From insurance and manufacturing to energy, healthcare, finance and more, Drive's portfolio is full of real businesses, including DuoLingo, UDACITY and KOHO, creating real value in the real world. The result is world-class returns from the greatest emerging market in the world - America. Drive is proudly headquartered in Columbus, Ohio - the geographic center of mass of Western GDP, but Drive also has boots on the ground in a dozen North American cities, with more to come.

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CaseMark Secures $1.7 Million Seed Funding Led by Gradient Ventures to Revolutionize Legal Workflows with Generative AI

By Harry Moran |

CaseMark AI, a pioneer in legal generative AI workflows, today announced the closing of a $1.7 million seed funding round led by Gradient Ventures, Google's AI-focused seed fund. Additional participation came from Rex Salisbury's Cambrian, Ride Home AI Fund and Alumni Ventures. The funding will drive the company's mission to help legal professionals benefit from the efficiency and productivity of generative AI.

CaseMark's AI-powered legal workflows address automating time-consuming tasks like document summarization, research, and legal analysis. This frees up valuable time for legal professionals to focus on high-value activities such as client strategy and casework.

CaseMark's platform is modular, web-based, and easy-to-deploy. Unlike legacy legal tech, it seamlessly integrates into existing legal workflows such as deposition summaries or discovery responses, minimizing disruption and maximizing user adoption. The built-in chat tool allows legal professionals to query their case content in a secure, privacy first environment. 

"We're the AI easy button that won't get attorneys in trouble," said Scott Kveton, CEO of CaseMark. "Hours spent summarizing take minutes now. That time saved can be reclaimed to work on legal strategy," said Kveton, highlighting the platform's efficiency gains.

"The rise of generative AI is transforming the legal landscape. Attorneys are now leveraging AI tools to sift through vast amounts of documents and automate time-consuming tasks like summarizing lengthy court transcripts. Casemark is at the forefront of this movement, offering an innovative solution for quickly and accurately generating summaries of depositions, cases, and trials," said Denise Teng, Investor at Gradient Ventures. "Casemark's platform has the potential to streamline legal work, making it more efficient and cost-effective for everyone from solo practitioners, large law firms to legal tech companies. We're proud to support Scott and his team as they redefine legal tech."

"For generative AI to succeed in legal workflows, it needs to perform reliably and cost efficiently. With CaseMark's LLM-agnostic architecture and mixture-of-experts approach, they can deliver best-in-class results at a fraction of the cost of their well-funded competitors. It's game on." stated Chris Messina, inventor of the hashtag and GP at the Ride Home AI Fund.

The seed funding will accelerate CaseMark's product development, expand its team of AI and legal experts, and drive adoption of its AI-powered legal workflows among law firms, legaltech companies, court reporting and litigation services firms.

"CaseMark has demonstrated incredible speed in bringing a high quality product to market, delivering real value for their clients. I look forward to seeing how continued enhancements in underlying models allows the team to do even more." said Rex Salisbury. 

The CaseMark Workflow API enables access to all of CaseMark's AI-powered workflows via a white-label integration for legal tech companies and litigation support firms. Companies can leverage the AI-as-infrastructure service provided by CaseMark to increase time-to-market and maximize revenue for the most common attorney use cases.

ABOUT GRADIENT VENTURES

Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com.

ABOUT CASEMARKCaseMark is a pioneer in the legaltech industry, dedicated to transforming the way legal professionals work. Our AI-driven workflow platform streamlines document creation, research, and workflow management for law firms, litigators, and support services. With a focus on privacy, security, and innovation, CaseMark empowers legal professionals to maximize efficiency and deliver exceptional outcomes for their clients. Learn more at www.casemark.ai.

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