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Covington Advises Prosper Marketplace on Series D Round

April 19, 2010

SAN FRANCISCO, April 19, 2010 —, the world’s largest peer-to-peer lending marketplace with nearly one million members and more than 32,000 funded loans totaling over $194 million, announced that it has raised $14.7 million in a Series D round from new investors TomorrowVentures, LLC and CompuCredit Holdings Corporation, and all of Prosper’s existing investors: Accel Partners; Benchmark Capital; DAG Ventures; Meritech Capital Partners; Omidyar Network; QED Investors; and Volition Capital (formerly Fidelity Ventures). Including this latest round of financing, Prosper has raised a total of $57.7 million to date. Covington & Burling LLP advised Prosper on the transaction.

The Covington corporate team was led by partner Ken Ebanks, along with associates Bobby Lutzker and Ingrid Rechtin. All are based in the firm’s San Francisco office.

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