the rates on all loans itself, Prosper significantly tightened the minimum credit quality necessary for a borrower to receive a Prosper loan. Many borrowers who received loans prior to 2009 (which were priced by investors) would no longer qualify for a loan, at any rate, under Prosper's new underwriting policies. Loan performance prior to July 2009 As of August 2008, approximately 18.5% of all money loaned through Prosper from inception (February 2006) through June 2008 were in some form of delinquency. Also, more than 35% of all loans that originated in February 2007 were in some form of delinquency. As of January 24, 2010, Prosper reported that 22.45% of all money lent since inception had been charged off and an additional 2.51% was delinquent but not yet charged off. Charge-off rates by credit score category ranged from 11.57% of money lent to borrowers with a credit score of 760 or higher to 44.30% of money lent to borrowers with a credit score below 600. Eric's Credit Community reported generally consistent delinquency results, with a 24-month delinquency rate by credit grade for loans originated after January 1, 2006 ranging from 11.8% for 'AA' loans to 61.6% for 'HR' loans. The charge-off rates in many cases exceeded the interest received on the loan categories, resulting in a negative return. Eric's reported that the median return to Prosper investors was negative 2.00% and the mean return negative 2.28. After Prosper's relaunch in July 2009, and implementing stricter credit guidelines for borrowers Prosper's loan default rate has been significantly reduced. The percentage of all loans that are 6+ months old, and are 1+ month late, dropped to less than 4%. As of Aug 11, 2010, the 4 months that match these criteria are the lowest percentage of late payments Prosper has seen since inception. Financial history Since its 2009 relaunch, Prosper received a Series D funding round of $14.7M in April 2010 with participation from all previous investors as well as new investors CompuCredit and TomorrowVentures. TomorrowVentures is an investment vehicle funded by Google Executive Chairman Eric Schmidt. Bloomberg BusinessWeek reported on November 11, 2010 that Prosper was seeking additional funding and Prosper received an additional funding infusion in a Series E round on June 3, 2011. According to Prosper's SEC filing, the company raised $17.15 million by selling additional shares at an average of approximately $0.738/share. Series E investors included Draper Fisher Jurvetson,