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Covington Advises Prosper Marketplace in Funding Round

June 8, 2011

SAN FRANCISCO, June 8, 2011 — Prosper.com, a social lending marketplace that brings together creditworthy borrowers with individual and institutional investors, has raised over $17 million in funding from new investors, Draper Fisher Jurvetson and Crosslink Capital. Covington & Burling LLP advised Prosper on the transaction.

Existing investors, Accel Partners, CompuCredit, DAG Ventures, Meritech Capital Partners, Omidyar Network, TomorrowVentures and Volition Capital also participated in the round.

The Wall Street Journal recently named Prosper to "The Next Big Thing" list for 2011. The list recognizes the 50 most promising venture-backed companies, selected from more than 10,600 U.S.-based companies.

Prosper also reported that Tim Draper, founder and managing director of Draper Fisher Jurvetson, and Jerome Contro, general partner and COO of Crosslink Capital, will join the company's Board of Directors.

The San Francisco-based Covington corporate team was led by Ken Ebanks, with Ingrid Rechtin and Brad Chernin.

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