Cartiga
Definitive (DA signed)Financials · litigation finance and legal asset management
- What it is
- Cartiga is a data-driven asset management platform for investing in legal claims and law firms, with origins dating to 1998
- What it’s doing now
- Merging with Alchemy Investments I (ALCYF) — definitive (da signed), announced Aug 22, 2025.
- What you should know
- The real share count puts the effective valuation 27% above the announced $540M. The deal carries a $40M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryCartiga is a data-driven asset management platform for investing in legal claims and law firms, with origins dating to 1998. It primarily invests in single-event tort claims through two core products: non-recourse advances to consumers and full-recourse loans to law firms. The company originates, manages and monetises these assets and states it is backed by $280 million in committed equity from institutional investors.
Source: 8-K, accession 0001104659-26-040480 · extraction confidence: high
What the company says about itself
Web research — not auditedCartiga is a tech-enabled alternative asset investor specializing in legal funding. The company offers tailored financial solutions for plaintiffs and law firms, including working capital lines for plaintiff firms (underwritten on active cases) and pre-settlement funding for individuals through its product LawCash. Cartiga utilizes proprietary data analytics to invest in legal claims and receivables.
- Markets:
- Legal Funding | Alternative Asset Investing
- Products:
- LawCash | myCartiga
[WEB-INTEL 2026-08-25] 9 finding(s) · revenue (web claim — NOT STORED) — FILING: no revenue figure on our filed record · WEB: $1.6B funded since 2000 [https://cartiga.com/] — filing stands; recorded, not resolved. · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The deal is meant to utilize Cartiga's investing track record, proprietary database of individual litigation-linked asset fundings, and over $20 million ..." [https://www.law360.com/articles/2381004/legal-funding-firm-cartiga-to-go-public-via-540m-spac-deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cartiga has raised $115M over 4 rounds." [https://www.cbinsights.com/company/legal-business-services/financials] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cartiga's latest funding round was a Debt - III for $35M on June 18, 2026." [https://www.cbinsights.com/company/legal-business-services/financials] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The company confirmed last fall that it's now valued at $8 billion after raising $160 million, bringing its funding across 2025 to $760 million." [https://www.facebook.com/businessinsider/posts/business-insider-asked-a-group-of-venture-capitalists-to-nominate-the-years-most/1434744641857149/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Legal Funding Firm Cartiga To Go Public Via $540M SPAC Deal" [https://www.law360.com/articles/2381004/legal-funding-firm-cartiga-to-go-public-via-540m-spac-deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Nelson Mullins Represents Cartiga in $540M SPAC Deal" [https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-represents-cartiga-in-usd540m-spac-deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cartiga's $540M SPAC with Alchemy cartiga°, is going public through a $540 million SPAC merger with Alchemy Investments Acquisition Corp." [https://www.linkedin.com/posts/legal-funding-journal_litigationfinance-legalfunding-litfin-activity-7366569571899564032-6foU] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Warrant Exercise Price: $11.50 per share" [https://www.stocktitan.net/sec-filings/ALCY/8-k-alchemy-investments-acquisition-corp-1-reports-material-event-3616a5cbbaa3.html]
Source: https://cartiga.com/ · captured Aug 25, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Cartiga is merging with Alchemy Investments I (ALCYF), a $115M SPAC currently marked Deal announced.
| Headline equity value | $540M |
| Effective valuation (all shares) | $684M+27% vs headline |
| Sponsor promote | 20% |
| Minimum cash to close | $40M |
Structure per SEC accession(s) 0001104659-25-082575, 0001104659-23-057812, 0001104659-26-041050, 0001104659-26-065130. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Cartiga, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $683.8M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
No listed comparable carries a revenue multiple we can use.
What qualifies the figures above
- Struck on the post-dilution value of $683.8M, not the announced $540M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- BUR, LFT, CLBK, MFA, AFCG, TRTX, BSBK, CIM, EFC, PBHC, CBNA, HTB have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| BUR | Burford Capital Ltd | $2.0B | — | — | Direct comp: Investment Management & Fund Operators (NEC); small-cap ($2.0bn); shares law, litigation, legal, firms, finance, assets with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| LFT | Lument Finance Trust Inc | $74M | — | — | Direct comp: Mortgage REITs; micro-cap ($74m); shares recourse, loans, originates, invests, backed, investing with the target's own description; forward EV/Sales 12.8x.more ▾less ▴ |
| CLBK | Columbia Financial Inc | $1.6B | — | — | Operational comp: Banks (NEC); small-cap ($1.6bn); shares advances, loans, full, equity, consumers, consumer with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| MFA | MFA Financial, Inc. | $946M | — | — | Operational comp: Mortgage REITs; small-cap ($946m); shares backed, loans, originates, non, investors, invests with the target's own description; forward EV/Sales 53.9x.more ▾less ▴ |
| AFCG | Advanced Flower Capital Inc | $64M | — | — | Operational comp: Mortgage REITs; micro-cap ($64m); shares law, originates, loans, invests, manages, assets with the target's own description; forward EV/Sales 4.9x.more ▾less ▴ |
| TRTX | TPG RE Finance Trust Inc | $674M | — | — | Operational comp: Mortgage REITs; small-cap ($674m); shares loans, finance, originates, institutional, invests, manages with the target's own description; forward EV/Sales 35.2x.more ▾less ▴ |
| BSBK | Bogota Financial Corp | $109M | — | — | Operational comp: Banks (NEC); micro-cap ($109m); shares advances, loans, originates, backed, invests, consumer with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CIM | Chimera Investment Corporation | $1.0B | — | — | Operational comp: Mortgage REITs; small-cap ($1.0bn); shares originates, loans, non, manages, equity, consumer with the target's own description; forward EV/Sales 37.0x.more ▾less ▴ |
| EFC | Ellington Financial Inc. | $1.5B | — | — | Operational comp: Mortgage REITs; small-cap ($1.5bn); shares backed, loans, equity, invests, manages, assets with the target's own description; forward EV/Sales 76.5x.more ▾less ▴ |
| PBHC | Pathfinder Bancorp Inc (MARYLAND) | $68M | — | — | Operational comp: Banks (NEC); micro-cap ($68m); shares backed, loans, investing, invests, full, non with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CBNA | Chain Bridge Bancorp Inc | $227M | — | — | Operational comp: Banks (NEC); micro-cap ($227m); shares firms, law, loans, management, consumer, asset with the target's own description; forward EV/Sales 4.4x.more ▾less ▴ |
| HTB | HomeTrust Bancshares Inc | $742M | — | — | Operational comp: Banks (NEC); small-cap ($742m); shares loans, committed, originates, investing, invests, finance with the target's own description; forward EV/Sales 4.3x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Cartiga going public?
Cartiga has a signed merger with the SPAC Alchemy Investments I (ALCYF), announced Aug 22, 2025. Deal status: Definitive (DA signed).
What is Cartiga's SPAC deal valuation?
The announced headline equity value is $540M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $684M, 27% above the headline.
Was Cartiga bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for Cartiga, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $683.8M regardless.
Does Cartiga have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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