Life360 Raises $10 Million in Series B Financing Led by DCM Leading location and communication app for families surpasses 40 million users
SAN FRANCISCO, July 10, 2013 /PRNewswire/ -- Life360, the leading location and communication app for families, today announced it has raised $10 million in Series B funding, bringing total funding raised to date to $20 million. The Series B was led by DCM, with participation from existing investors. Life360 will use the capital to help fund strategic growth initiatives including product enhancements, distribution and localization of the app for international markets and product integration with partners in the home security and automotive sectors.
Founded in 2008, Life360, which recently surpassed 40 million users, is a free app for iOS and Android that uses location-based technology to help its users stay connected throughout the day via a private map and chat stream, regular check-ins, and "panic alerts" when needed. Earlier this year, Life360 added "Places," a popular geo-fencing feature that allows users to designate their favorite locations and receive automatic alerts when family members arrive. Also this year, Life360 launched a Premium product, which users can sign up for at $4.99 per month or $50 per year. Life360 Premium provides access to a 24/7 Live Advisor, roadside assistance, unlimited use of Places, expanded location history, $100 in stolen phone protection, and location lookups for non-smartphones.
"We have focused on building an app that solves real needs for families," said Chris Hulls, co-founder and CEO of Life360. "This utility-based focus has driven rapid user adoption of Life360, making us one of the largest location-sharing apps in the marketplace and by far the largest family-focused social network. We look forward to partnering with our new investors as we continue to grow."
"Life360 has delivered the most compelling family-oriented platform on mobile," said Jason Krikorian, general partner at DCM Ventures. "Its location and communication-based foundation holds tremendous promise in extending and integrating into other areas of everyday life for families. We look forward to partnering with Life360 to drive global expansion and continued growth."
Life360 is the leading location and communication app for families available for Android and the iPhone. Using location-based technology, Life360 enables families to share their locations, know when someone needs help and communicate easily with in-app messaging. The app operates in a convenient and secure way that does not interfere with busy schedules or personal freedom. Founded in 2008, Life360 placed first in Google's Android Developer Challenge in that same year and has received funding from several prominent investors. For more information, visit www.life360.com.
DCM is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2 billion under management. DCM has investments in more than 200 technology companies across the United States and Asia and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry-leading companies such as 51job, About.com, Clearwire, eDreams, Foundry Networks, Kabu.com, Sling Media, SMIC, and VanceInfo as well as upcoming startups such as 58.com, Bill.com, Bridgelux, Kakao, Happy Elements, and Trion Worlds. Recent successes (IPOs and M&As) include China-based Renren, BitAuto, Dangdang, Luxin and Vipshop; Japan-based Pokelabo (GREE) and StarFlyer and U.S.-based Fortinet, PGP (Symantec) and SandForce (LSI.) For more information, visit http://www.dcm.com/.