Life360, the US-based family-tracking technology provider backed by corporates ADT, BMW and Duchossois Group, is considering an initial public offering in Australia, Reuters reported today.
The company has made overtures to investors concerning an offering on the Sydney Stock Exchange expected to raise $100m and value it at $675m, fund managers told Reuters.
Founded in 2008, Life360 has developed a mobile app that allows family members to track and communicate with each other. Users can locate each other on a map and receive notifications when others arrive at work, school or home.
The company has raised at least $92m in funding according to press releases and securities filings, receiving its earlier funding from Fontinalis Partners, Bessemer Venture Partners, 500 Startups, Kapor Capital, Venture51, Bullpen Capital, Social Leverage and EchoVC Partners.
BMW i Ventures, automotive manufacturer BMW’s corporate venturing unit, invested an undisclosed amount in the company in 2013 before DCM Ventures led a $10m round later the same year.
Duchossois Group provided a further $7m in funding at the end of 2013, and fellow home security product maker ADT added $25m in series C funding the following year. It raised $18.5m in December 2017 according to a regulatory filing.
Phillip King, chief investment officer for alternative investment manager Regal Funds Management, disclosed to Reuters it is among the company’s backers, adding: “The ASX remains grossly underweight in terms of technology companies with global growth stories.
“We are already invested in the business after leading the pre-IPO round, and will be following our money into the IPO.”
