Vanessa Bryant, Joanna and Chip Gaines, Tony Hawk, Chris and Jada Paul, and Nicole and Michael Phelps take stake in leading family safety app
SAN FRANCISCO–(BUSINESS WIRE)–Life360, Inc. (ASX:360) today announced an investment round led by Bryant Stibel, including, Vanessa Bryant, Joanna and Chip Gaines, Tony Hawk, Chris and Jada Paul, Tiktok influencer Billy Perry, and Nicole and Michael Phelps, alongside Stibel & Company as investors in the rapidly-growing family safety app. With kids ranging from one to 28 years old, these families understand first-hand the need for modern parenting tools to ease the tension between keeping kids safe and providing them with independence to roam freely.
Life360 and the new investors will form a Family Advisory Council that brings together families to help shape the future of the product and marketing strategy for the leading family safety platform. The Council will draw on the advisors’ own family experiences to help create features that will continue to facilitate trust between parents and children.
“Investing and advising in companies is typically an adult thing, not something you do with your children,” said Chris Hulls, co-founder and CEO of Life360. “We’re creating a unique opportunity to advise on a product side by side with your kids. Having the support of these icons speaks volumes to our long term vision to be the leading provider in family safety services. Life360 wants to create a brand that feels meaningful and relevant for both parents and kids. So it’s only natural that we would ask our investors to participate in the same spirit.”
Life360’s broader vision to become the most-trusted family safety platform fueled the families’ decision to invest in the fast growing company in a largely overlooked category. It’s because of this larger vision, and their personal use of the products for their families, why this group wanted to invest and participate.
“One of my passions is ensuring children get the opportunities they deserve,” said Vanessa Bryant. “Life360 helps families feel safe and protected by making carpooling, pickup and drop-offs easier for parents, while also providing locations at their kids’ schools, activities and sports practices. Having modern tools like driving information, speed and phone usage makes me feel a lot more at ease, especially with my teenage driver. I love the fact that I can see my daughter’s location and speed in a vehicle whether she’s driving or as a passenger.”
“It’s rare that you come across an opportunity to be involved with a company that’s solving a real problem for your own family,” said Jada Paul. “Chris and I use Life360 to make our daily family coordination a breeze. For example, it gives me a sense of relief when I see that little Chris has left school and is on his way to his afterschool activity. And when I get the notification that he arrived, I can send him a note to wish him good luck.”
“Life360 provides a holistic safety solution for families. While it has location and driving features, I particularly like how they are thinking about digital identity safety,” noted Tony Hawk. “What I love about how Life360 approached it, is that they took the whole family into account, alerting you if something is happening with your kids’ identity as well as yours. As a victim of identity theft I understand the pain of trying to restore your identity and I don’t want my kids to go through the pain I went through.”
“As a mom of three active boys, I am certainly looking through a different lens and family safety is very much a top priority in our house,” said Nicole Phelps. “While my children are still young, the digital age is part of our lifestyle and as they grow older it will become increasingly important to be able to access our children’s whereabouts, help coordinate schedules, and keep tabs on their digital identity right at our fingertips. I know it will help provide some peace of mind as our boys develop their independence.”
“Life360 has built a strong subscription business model and has consistently delivered growth while ensuring families gain peace of mind in an increasingly complex world,” said Peter Delgrosso, Managing Partner, Bryant Stibel. “We are truly honored to join such a strong management team and unique group of strategic individuals at the top of their game.”
Life360 continues to add heavyweights that see its success in the family safety space to its roster. Earlier this year, the company appointed renowned entrepreneur, investor and creator of Facebook Live Randi Zuckerberg to its Board of Directors to help advise and help scale Life360 through its next phase of growth. Last year, the company appointed two new C-level executives, CFO Russell Burke and CPO Jonathan Benassaya, to focus on the effectiveness of the business model and further the company’s product offerings respectively.
Last month, Life360 announced the potential acquisition of Jiobit, the Chicago-based provider of wearable location devices, that would strengthen the company’s position as the leading family safety platform and accelerate its entrance into fast growing new markets, including children under ten, the multi-billion dollar pet supplies and services, and the elder care market.
Since listing on the ASX two years ago, Life360 continues its strong momentum with a CY21 Annualized Monthly revenue expected to exceed US$110 million and more than 28M MAUs in over 195 countries, a membership model delivering over 916,000 paying circles as of March 2021.
Life360 operates a platform for today’s busy families, bringing them closer together by helping them better know, communicate with and protect the people they care about most. The Company’s core offering, the Life360 mobile app, is a market leading app for families, with features that range from communications to driving safety and location sharing. Life360 is based in San Francisco and had more than 25 million monthly active users (MAU) as at December 2020, located in 195 countries.
Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs, have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.