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SAN FRANCISCO, May 7, 2014 — Covington & Burling advised Prosper Marketplace, Inc. in its $70 million Series C financing. The round was led by new investor Francisco Partners and also included Institutional Venture Partners and Phenomen Ventures. Covington advised on the structuring and execution of the transaction.
Prosper Marketplace, headquartered in San Francisco, is the parent company of Prosper Funding LLC, which owns a peer-to-peer financing platform that connects people who want to invest money with people who want to borrow money. Prosper Funding recently announced the platform has surpassed $1 billion in personal loans, and hit a new monthly record with $100 million in loans for the month of April.
The San Francisco-based Covington corporate team was led by Brad Chernin and Bruce Deming, with assistance from Robert Wu.